In a significant move towards advancing sustainable growth and strengthening India’s infrastructural backbone, REC Limited and Bank of Baroda have inked a Memorandum of Understanding (MoU) to collaboratively sanction loans for power, infrastructure, and logistics projects over the next three years.
The MoU, signed on January 3, 2024, in the presence of REC Limited’s Chairperson and Managing Director, Vivek Kumar Dewangan, and Bank of Baroda’s Managing Director & CEO, Debadatta Chand, reflects the shared vision of both entities to address the urgent needs of these critical sectors.
Dewangan emphasized the collaborative nature of the agreement, stating, ‘This landmark agreement signifies a collaborative effort to accelerate the realization of pivotal projects crucial to the nation’s progress. 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 of Bank of Baroda, highlighted the importance of the collaboration in facilitating joint financing for Power (including renewable power), Infrastructure, and Logistics projects. He noted, ‘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.’
The partnership between REC Limited and Bank of Baroda is expected to invigorate economic development and enhance accessibility to essential services across the nation. By pooling their resources and expertise, both entities aim to champion initiatives that contribute to inclusive development.
The collaboration comes at a time when India is experiencing robust economic growth, making the need for capital expenditure and innovative financing structures crucial for sustaining and accelerating this positive trajectory. The combined efforts of REC Limited and Bank of Baroda are poised to play a pivotal role in supporting transformative projects that benefit communities and foster overall socio-economic progress.
