State-owned REC on Tuesday signed an agreement with MMRDA to provide Rs 1 lakh crore finance for infrastructure projects.
A memorandum of understanding (MoU) with Mumbai Metropolitan Region Development Authority (MMRDA) was signed by REC Director Finance Harsh Baweja and Financial Advisor at MMRDA Ankush R Nawale in the presence of Maharashtra Chief Minister Devendra Fadnavis at the India Global Forum (IGF) in Mumbai.
The MoU for Rs 1 lakh crore worth of financing is for an array of infrastructure projects in the MMR, focusing on urban mobility, housing, and essential infrastructure. The funding will be disbursed over the next five years, ensuring steady progress in modernising and enhancing the region’s infrastructure.
Baweja said, “Our Rs 1 lakh crore commitment reflects our strong dedication to supporting large-scale infrastructure projects that will significantly improve the living standards for the people of the Mumbai Metropolitan Region”.
Under the Ministry of Power, REC focuses on financing the entire power-infrastructure sector comprising generation, transmission, distribution, renewable energy and new technologies like electric vehicles, battery storage, pump storage projects, green hydrogen, green ammonia projects etc.
