In an event organized in Mumbai, REC Limited – A Maharatna CPSE under the Ministry of Power, signed a loan agreement of Rs 30,483 Crore with the 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 Shri Eknath Shinde, Hon’ble Chief Minister of Maharashtra, and Shri Devendra Fadnavis, Hon’ble Deputy Chief Minister of Maharashtra.
A major portion of the required funds, to the tune of Rs 14,434 Cr. is being extended by REC for Electro-Mechanical [EM] works. Apart from this, REC has also in-principally agreed to loan Rs 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.
News & Image Source : psuconnect.in
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