REC Ltd. has collaborated with the Uttar Pradesh government to extend financial assistance for several projects, including power generation, renewable energy, and infrastructure development in the state. The move will help in employment generation as well as exponential growth in Uttar Pradesh.
The state-owned company has signed multiple non-binding memorandum of understanding (MoUs) with the UP government during the UP Global Investors Summit in Delhi.
The MoU has been inked for a power generation project worth Rs 14,103 crore with a capacity addition of nearly 3,000 MW, pollution control equipment, and allied works.
In addition, the central public sector enterprise has also signed a deal for transmission projects of Rs 7,800 crore for strengthening the transmission system and network in UP, as well as for distribution project to the tune of Rs 13,600 crore for strengthening infrastructure, reducing AT&C losses, and to provide quality and affordable power to all.
The Power Ministry PSE has also entered into a partnership for a renewable energy project of Rs 45,350 crore for the addition of 10,000 MW capacity and for multiple infrastructure development projects in the state to the tune of Rs 20,000 crore across various sectors.
Further, during the recently concluded Madhya Pradesh Global Investors Summit 2023, REC signed a non-binding MoU with MP Power Management Company Ltd. to extend financial assistance of Rs 15,086 crore for upcoming Sarani and Amarkantak thermal power projects, system improvement works, technology upgradation, renovation, and modernisation.
Shares of REC ended 0.20 percent higher at Rs 123.05 on Monday.
