REC Ltd Signs MoU With RVNL To Fund Multimodal Infrastructure Projects
Utkarsh Classes
Last Updated
03-01-2024
Agreements and MoU
2 min read
REC Limited has signed an MoU with Rail Vikas Nigam Limited (RVNL) to finance infrastructure projects worth Rs 35,000 crore.
- Shri Ajoy Chaudhary, Director (Finance), REC and Shri Rajesh Prasad, Director (Operations), RVNL, signed the MoU.
- These include multi-modal logistics hub projects, rail infrastructure projects, roads, ports and metro projects.
- Rail Vikas Nigam Limited will complete these projects in the next 5 years.
Rural Electrification Corporation (REC) Limited:
- REC is a Non-Banking Financial Company (NBFC).
- It was established in 1969.
- It focuses on financing and development of the power sector across India.
- It comes under the Ministry of Power.
- REC was granted the status of 'Maharatna' Central Public Sector Enterprise (CPSE) on 22 September 2022.
- REC is the 12th CPSE to receive Maharatna status.
- CMD – VK Dewangan
- REC has been appointed as a nodal agency for the following schemes:
- 1. Pradhan Mantri Sahaj Bijli Har Ghar Yojana (Saubhagya)
- 2. Deen Dayal Upadhyay Gram Jyoti Yojana (DDUGJY)
- 3. National Electricity Fund (NEF)
Rail Vikas Nigam Limited (RVNL):
- It is a 100% central government-owned public sector undertaking.
- Approval for establishment of RVNL was granted by the Government of India on 19.12.2002 and it was registered as a company under the Companies Act, 1956 on 24 January 2003.
- RVNL started operations in 2005.
- It comes under the Ministry of Railways.
- In the year 2013, it was given the status of Mini-Ratna.
- It has been granted the status of 13th Navratna company in April 2023.
- It was set up to implement railway infrastructure projects and raise extra budgetary resources for Special Purpose Vehicles (SPVs).
- Headquarters – New Delhi
FAQ
Ans - Rail Vikas Nigam Limited (RVNL)
Ans- In the year 1969
Ans- 12th
Ans- April 2023
Ans- New Delhi
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