HomeBlogBusiness plansBank of Baroda, REC unite to finance power & infrastructure projects

Bank of Baroda, REC unite to finance power & infrastructure projects

Bank of Baroda, REC unite to finance power & infrastructure projects

REC Ltd, a government-owned entity, has signed a preliminary agreement with Bank of Baroda to collaboratively provide loans for power, infrastructure, and logistics projects in India for the next three years. Through combining resources and expertise, both organizations aim to support initiatives that boost economic development and improve access to essential services across the country, as stated by the power ministry.

As per the statement, REC has entered into a Memorandum of Understanding (MoU) with Bank of Baroda to enable collaborative loan approvals for powering infrastructure and logistics projects in India for the upcoming three years.

On Wednesday, the Memorandum of Understanding (MoU) was signed in the presence of Vivek Kumar Dewangan, who serves as the Chairperson and Managing Director of REC, and Debadatta Chand, the Managing Director & CEO of Bank of Baroda. Lalit Tyagi, an Executive Director at Bank of Baroda, was also present during the signing.

“In leveraging the synergies between REC’s power sector expertise and Bank of Baroda’s financial strength, our goal is to stimulate transformative projects that positively influence communities and propel socio-economic progress,” Dewangan expressed in the statement.

“With the Indian economy poised for robust growth, there will be an upswing in capital expenditure and private investment, necessitating collaborative and innovative financing structures,” Chand stated in the announcement.

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