REC documents loan of ₹14,434 crore with MMRDA

In an event organized at Mumbai, REC Limited – A Maharatna CPSE under Ministry of Power, signed a loan agreement with Mumbai Metropolitan Region Development Authority (MMRDA) for nine metro projects being developed in the Mumbai Metropolitan Region (MMR). The agreement was signed between REC Limited and MMRDA in the presence of Eknath Shinde, Chief Minister of Maharashtra and Devendra Fadnavis, Deputy Chief Minister of Maharashtra. A major portion of the required funds, to the tune of ₹14,434 Cr. is being extended by REC for Electro Mechanical [EM] works. Apart from this, REC has also in- principally agreed to loan ₹16,049 cr towards Non-EM works. The Government of Maharashtra has declared the projects as ‘Public vital infrastructure projects’. The project will have many positive impacts like reduction in traffic congestion, saving in travel time, reduction in air and noise pollution and lesser consumption of fuel. These will be catalyzing factors in the overall reduction of the carbon footprint of the Mumbai metropolitan. The total route length of the nine lines funded by REC is 154 km. REC is committed to cater to the infrastructure and energy transition needs of the nation through its funding solutions and is poised to diversify its portfolio of financing.