Tag Archives: REC Limited

Bank of India signs MoU with REC Limited to co-finance loans amounting to Rs30,000 crore

Mumbai, 19 October 2023: Bank of India (BOI) signed an MoU with REC Limited to jointly explore the possibilities of funding projects in sectors such as Power, Infrastructure, and Logistics under a consortium arrangement. BOI and REC will join hands to co-finance loans amounting to Rs30,000/- crore over the next few years.

Esteemed members such as Shri T.S.C. Bosh, Executive Director (Infra & Logistics), REC, and Shri Nitin G. Deshpande, CGM (Corporate Credit), BOI signed the MoU in the presence of Shri Vivek Kumar Dewangan, IAS, CMD, REC and Shri Rajneesh Karnatak, MD & CEO, BOI. Shri Ajoy Choudhury Director (Finance), REC, and other senior officials from REC and BOI were also present during the meeting.

REC Limited, a 12th Maharatna CPSE established in 1969, under the Ministry of Power, provides long-term loans and other finance products for the Power Infrastructure segments comprising Generation, Transmission, Distribution, Renewable Energy, and new technologies such as Electric Vehicles, Battery Storage, Green Hydrogen, etc. Recently, REC has diversified into the Non-Power Infrastructure segment comprising Roads and expressways, Metro Rail, Airports, IT Communication, Social and commercial Infrastructure (Educational Institutions, Hospitals), Ports and Electro-Mechanical works related to various other sectors such as Steel, Refinery, etc. The loan book of REC exceeds Rs4,54,393 crore.

Bank of India – a leading Public Sector Bank – has operations spread across the country and abroad. Founded in 1906, BOI is one of the largest Public Sector Banks in India with a Gross Global Business of Rs12,14,808 crore and a significant portfolio of assets funded under infrastructure and other sectors.