BIZ DESK
REC Power Development and Consultancy Limited (RECPDCL), a wholly owned subsidiary of REC Limited, has inked a Memorandum of Understanding (MoU) with the Government of Gujarat for Rs. 2,094.28 Crores for the implementation of the Smart Metering project in PGVCL (Paschim Gujarat Vij Company Ltd.) under Phase 1 of Revamped Distribution Sector Scheme (RDSS).
In the strategic collaboration, the Government of Gujarat is set to facilitate RECPDCL in obtaining necessary permissions and clearances for their upcoming projects in the state. The MoU outlines a time-bound framework to streamline the establishment of RECPDCL’s projects in Gujarat.
The MoU was signed ahead of Vibrant Gujarat Summit 2024 by MD, Gujarat Urja Vikas Nigam (GUVNL), Shri Jai Prakash Shivahare and CEO, RECPDCL, Shri Rajesh Kumar Gupta in presence of Chief Minister of Gujarat, Shri Bhupendra Patel.
REC Limited, a Maharatna Central Public Sector Enterprise established in 1969, under Ministry of Power, provides long-term loans and other finance products for Power-Infrastructure sector comprising Generation, Transmission, Distribution, Renewable Energy and new technologies like Electric Vehicles, Battery Storage and Green Hydrogen. More recently, REC has also diversified into the Non-Power Infrastructure sector comprising Roads & Expressways, Metro Rail, Airports, IT Communication, Social & Commercial Infrastructure (Educational Institution, Hospitals), Ports and Electro-Mechanical (E&M) works in respect of various other sectors like Steel, Refinery, etc. The loan book of REC exceeds Rs 4.74 Lakh Crore.