REC Limited Signs MoU with MMRDA for ₹1 Lakh Crore Investment in Mumbai Metropolitan Region (MMR)

REC Limited, a Maharatna CPSU under the Ministry of Power and a prominent NBFC, has entered into a Memorandum of Understanding (MoU) with the Mumbai Metropolitan Region Development Authority (MMRDA) to provide financial support of ₹1 lakh crore for infrastructure development in the Mumbai Metropolitan Region (MMR). The agreement was formally signed by Shri. Harsh Baweja,Director (Finance), REC Limited and Dr. Ankush R Nawale, Financial Advisor MMRDA, at the India Global Forum (IGF) Mumbai NXT 25 event at the Jio Convention Centre, Mumbai, in the presence of Maharashtra's Hon'ble Chief Minister, Shri Devendra Fadnavis; Hon'ble Deputy Chief Minister, Shri Eknath Shinde; Dr. Sanjay Mukherjee, IAS, Metropolitan Commissioner, MMRDA; Shri Vikram Kumar, IAS, Additional Metropolitan Commissioner, MMRDA; Shri Rahul Dwivedi, IAS, Executive Director, REC and senior officials of REC and MMRDA.

The MoU outlines REC Limited's commitment to financing a wide array of infrastructure projects in the MMR, focusing on urban mobility, housing, and essential infrastructure. The funding will be disbursed over the next five years, ensuring steady progress in modernizing and enhancing the region’s infrastructure.

On this milestone, Shri Harsh Baweja, Director (Finance) said, "Our ₹1 lakh crore commitment reflects our strong dedication to supporting large-scale infrastructure projects that will significantly improve the living standards for the people of Mumbai Metropolitan Region." Further on this occasion, Shri Rahul Dwivedi, IAS, Executive Director (I&L), REC Limited said, "We are excited to partner with MMRDA in this transformative initiative."

This collaboration underscores REC Limited’s vital role in financing and driving infrastructure development across India, furthering its mission to contribute to the nation’s growth and progress.