REC Signs MoU, Pledges Rs 20,000 Cr Annually, Boosts Infrastructure Sector in Rajasthan

REC, a Maharatna CPSE under the Ministry of Power, has recently signed a significant Memorandum of Understanding (MoU) with the Government of Rajasthan. The MoU, signed on March 10, 2024, in Jaipur, aims to support various power and non-power infrastructure projects with a substantial investment amounting to Rs 20,000 crore per annum. This collaboration is set to fuel the economic growth and prosperity of Rajasthan for the next six years, with the provisions extending up to 2030.

Officials and Dignitaries Attend the Signing Ceremony

The signing ceremony took place in the presence of eminent dignitaries. This impressive gathering included Bhajan Lal Sharma, the Chief Minister of Rajasthan; Diya Kumari, Deputy Chief Minister of Rajasthan; Heera Lal Naagar, Minister of State for Energy, Rajasthan; Sudhansh Pant, Chief Secretary, Rajasthan; Amrit Lal Meena, Secretary, Ministry of Coal, Government of India; Vivek Kumar Dewangan, Chief Managing Director of REC, among others. Minister of Power and New & Renewable Energy, RK Singh, and Union Minister of Coal, Shri Prahlad Joshi, virtually addressed the ceremony and extended their best wishes for the Government of Rajasthan’s initiatives.

An Expansive Commitment to Infrastructure Development

Under the terms of the agreement, REC will provide significant financial aid, offering loans of up to Rs 20,000 crore annually to various departments, undertakings, institutions, and schemes of the Rajasthan government. This move will pave the way for rapid progress in the state’s infrastructure sector, including power projects, metro development, road and highway construction, airports, IT infrastructure, oil refineries, steel infrastructure, ports and waterways, fiber optics, telecommunications advancement, health sector expansion, tourism development, agriculture, and other vital projects.

Contributing to Economic Growth and Sustainable Development

The collaboration between REC and the Government of Rajasthan highlights REC’s commitment to supporting the development of both power and non-power infrastructure. This cooperation is expected to contribute significantly to the state’s economic growth and overall prosperity of its residents. The memorable occasion also featured the signing of several other important MoUs. Various Central Public Sector Undertakings (CPSUs) operating under the Ministry of Power and the Ministry of Coal authorized agreements worth an astonishing Rs 1.6 lakh crore with the Government of Rajasthan.

Undoubtedly, these substantial commitments will propel infrastructure development and spur economic growth in the region. With the MoU in place and the identified investment, Rajasthan can look forward to an exciting era of progress, with modern infrastructure projects being undertaken in sectors crucial to the state’s development. The partnership between REC and the Government of Rajasthan sets a benchmark for successful collaboration between public and private entities, showcasing the commitment to nation-building through monumental infrastructure investment.

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