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REC jumps on signing MoU with Rajasthan Govt

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REC rose 2.60% to Rs 485 after the state-run company inked a Memorandum of Understanding (MoU) in Jaipur with the Government of Rajasthan.
In a significant boost to Rajasthan's infrastructure development, REC, a leading infrastructure financier, signed a Memorandum of Understanding (MoU) with the state government on 10 March 2024. The agreement, valued at Rs 1.2 lakh crore (Rs 20,000 crore annually for six years), will see REC provide loans for various power and non-power infrastructure projects across the state upto 2030.
The MoU is expected to expedite infrastructure projects in Rajasthan, encompassing power generation, metro systems, roads & highways, airports, IT infrastructure, and more. This includes crucial sectors like healthcare, tourism, agriculture, and fiber optic networks.
This collaboration underscores REC's commitment to empowering Rajasthan's infrastructure growth, ultimately contributing to the state's economic prosperity. The MoU signing coincides with the signing of MoUs worth Rs 1.6 lakh crore by Central Public Sector Undertakings (CPSUs) under the Ministry of Power and Coal with the Rajasthan government.
REC is a government-owned infrastructure finance company in India. They fund projects in power (including new technologies) and non-power sectors (roads, metro, IT, etc.) for both government and private companies.
On a consolidated basis, net profit of REC rose 13.48% to Rs 3308.42 crore on 23.2% rise in total income to Rs 12071.54 crore in Q3 December 2023 over Q3 December 2022.
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First Published: Mar 11 2024 | 3:14 PM IST

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