REC Ltd has signed non-binding MoUs with the governments of Uttar Pradesh and Madhya Pradesh to provide major financial assistance to power sector initiatives in these two states.
The total financial assistance envisaged in these MoUs is to the tune of Rs.1.16 lakh crore.
In a stock exchange communication, REC said that on January 13, 2023, REC signed non-binding MoUs with the Uttar Pradesh government at the “UP Global Investors Summit” held in Delhi. These MoUs cover the entire power value chain, and include:
- Power generation capacity of nearly 3,000 mw along with pollution-control equipment (Rs.14,103 crore)
- Power transmission projects for strengthening transmission network in Uttar Pradesh (Rs.7,800 crore)
- Power distribution projects for strengthening infrastructure, reducing AT&C losses and to provide quality power to all (Rs.13,600 crore)
- Renewable energy generation capacity of 10,000 mw (Rs.45,350 crore)
- Multiple infrastructure development projects across various sectors (Rs.20,000 crore)
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Madhya Pradesh
Similarly, during the recent MP Global Investors Summit 2023, REC signed a non-binding MoU with MP Power Management Company Ltd (MPPMCL) to extend financial assistance of Rs.15,086 crore for upcoming Sarani and Amarkantak thermal power projects, system improvement works, technology upgradation, R&M, etc.