Gurugram: REC Power Development and Consultancy Limited (RECPDCL), a wholly owned subsidiary of REC Limited, the Maharatna CPSE under Ministry of Power and the leading NBFC, 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 the RDSS Scheme’s Phase 1.
The MoU was signed ahead of Vibrant Gujrat Summit 2024 by Shri Jai Prakash Shivahare, IAS, MD, GUVNL and Shri Rajesh Kumar Gupta, CEO, RECPDCL in the presence of Hon’ble Chief Minister of Gujrat, Shri Bhupendra Patel.
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. This initiative aligns with the existing policies, rules, and regulations of the State Government, showcasing a commitment to fostering development and innovation.
The MoU outlines a time-bound framework to streamline the establishment of RECPDCL’s projects in Gujarat. The partnership underscores the state’s dedication to providing a conducive environment for businesses and projects, contributing to economic growth and sustainable development.
REC Limited, a Maharatna CPSE established in 1969, under the Ministry of Power, provides long-term loans and other finance products for the Power-Infrastructure sector comprising Generation, Transmission, Distribution, Renewable Energy and new technologies like Electric Vehicles, Battery Storage, Green Hydrogen etc. More recently REC has also diversified into the Non-Power Infrastructure sector comprising Roads and expressways, Metro Rail, Airports, IT Communication, Social and commercial Infrastructure (Educational Institutions, 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 4.7 lakh Crore.
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