REC & PNB sign MoU to Co-Finance Infrastructure Project Debts

Current Context: REC Limited, a Maharatna CPSE under the Ministry of Power, and Punjab National Bank (PNB), a Public Sector Bank, have signed an MoU to jointly explore the possibility of funding projects in the Power Sector and Infrastructure & Logistics Sector under a consortium arrangement.

REC and PNB will associate with each other to co-finance loans amounting to Rs. 55,000 crores over the next three years.
The MoU was signed on Tuesday, September 26, 2023, in Gurugram by Shri T.S.C Bosh, Executive Director (Infra & Logistics), REC, and Shri Rajeeva, CGM (Corp. Credit Division), PNB, in the presence of Shri Ajoy Choudhary, Director (Finance), REC; Shri V K Singh, Director (Projects), REC and other senior officials from REC and PNB.
The MoU aims to leverage the strengths of both the entities for financing projects in the power sector and infrastructure & logistics sector, which are crucial for the development of the country.
PNB is one of the largest Public Sector Banks in the country with Global Gross Business at 22,14,741 Crore. It has a worldwide presence and is involved in banking business across the country including funding the infrastructure projects