Mumbai, October 29, 2025: REC Limited and Sagarmala Finance Corporation Limited (SMFCL), have signed a Memorandum of Understanding (MoU) today at the India Maritime Week 2025 in Mumbai.
The MoU was formally signed between Smt. Saraswathi, ED (Infrastructure and Logistics), REC Limited, and Shri A. C. Nayak, Director (Finance), joined by Shri S. T. Selvam, Director (Projects), Sagarmala Finance Corporation Limited during the exchange of the MoU.
The purpose of this MoU is to explore collaboration and joint financing opportunities in the India’s critical maritime and allied infrastructure sectors. This collaboration marks a significant step towards leveraging the financial strengths of both institutions to accelerate and boost rapid development in India’s port-led infrastructure and blue economy objectives.
Speaking on the occasion, representatives from both organizations expressed optimism about the collaboration, emphasizing its potential to contribute significantly to India’s blue economy and sustainable maritime development.
About REC LIMITED:
REC is a ‘Maharatna’ company under the administrative control of the Ministry of Power, Government of India, and is registered with RBI as Non-Banking Finance Company (NBFC), Public Financial Institution (PFI) and Infrastructure Financing Company (IFC). REC is financing the entire Power-Infrastructure sector comprising Generation, Transmission, Distribution, Renewable Energy and new technologies like Electric Vehicles, Battery Storage, Pump Storage projects, Green Hydrogen, Green Ammonia projects etc. More recently REC Limited has also diversified into the Non-Power Infrastructure sector comprising Roads & Expressways, Metro Rail, Airports, IT Communication, Social and Commercial Infrastructure (Educational Institution, Hospitals), Ports and Electro-Mechanical (E&M) works in respect of various other sectors like Steel, Refinery, etc.
REC Limited provides loans of various maturities to State, Central and Private Companies for creation of infrastructure assets in the country. REC Limited continues to play a key strategic role in the flagship schemes of the Government for the power sector and has been nodal agency for Pradhan Mantri Sahaj Bijli Har Ghar Yojana (SAUBHAGAYA), Deen Dayal Upadhaya Gram Jyoti Yojana (DDUGJY), National Electricity Fund (NEF) Scheme which resulted in strengthening of last mile distribution system, 100% village electrification and household electrification in the country. REC has been designated as the nodal agency for certain States and Union Territories under the Revamped Distribution Sector Scheme (RDSS). Additionally, the Central Government has entrusted REC with the responsibility of implementing the PM Surya Ghar Muft Bijli Yojana.
