In a significant development aimed at boosting India’s infrastructure, state-owned REC Limited has signed a Memorandum of Understanding (MoU) with Bank of Baroda to jointly finance projects in the power, infrastructure, and logistics sectors over the next three years.
The MoU was signed in presence of Vivek Kumar Dewangan, IAS, Chairman and Managing Director (CMD), REC Limited and Debadatta Chand, Managing Director & CEO, Bank of Baroda along with Lalit Tyagi, Executive Director, Bank of Baroda.
Commenting on this collaboration, Mr. Dewangan said, “This landmark agreement signifies a collaborative effort to accelerate the realization of pivotal projects crucial to the nation’s progress. This partnership marks a significant stride in our commitment to fostering inclusive development. By harnessing synergies between REC’s expertise in the power sector and Bank of Baroda’s financial prowess, we aim to catalyze transformative projects that will positively impact communities and drive socio-economic progress.”
Debadatta Chand, Managing Director & CEO, Bank of Baroda said, “This MoU will enable Bank of Baroda and REC to jointly finance Power (including renewable power), Infrastructure and Logistics projects. With the Indian economy on a strong growth path, we will see a rise in capital expenditure and private investment and an increasing need for collaborative and innovative financing structures.”
Recognizing the pressing need to fortify these critical domains, REC Limited and Bank of Baroda unite with a shared vision of advancing sustainable growth and bolstering the nation’s infrastructural backbone. By pooling resources and expertise, both entities endeavor to champion initiatives that will invigorate economic development and enhance accessibility to essential services nationwide.
