State-owned REC has unveiled a memorandum of understanding (MoU) with Punjab National Bank (PNB) to jointly finance loans amounting to ₹55,000 crore for projects spanning the electricity, infrastructure, and logistics sectors over an upcoming three-year period.
While REC primarily extends credit to the power sector, it has received clearance from the Power Ministry to also cater to the infrastructure domain.
As of now, REC's loan portfolio has surpassed ₹4,54,393 crore.
For the fiscal year FY23, the non-power infrastructure and logistics segment constituted 32% of the company's total sanctioned loans.
