In a strategic financial move, REC Power Development and Consultancy Limited (RECPDCL), a subsidiary of REC Limited, has finalised a Memorandum of Understanding (MoU) valued at Rs 2,094.28 Crores with the Government of Gujarat. The agreement is specifically designated for the implementation of the Smart Metering project in PGVCL (Paschim Gujarat Vij Company Ltd.) as part of the Revamped Distribution Sector Scheme (RDSS) Phase-I. the RDS scheme has an outlay of over 3 Lakh crores and aims to reduce the Aggregate Technical & Commercial (AT&C) losses. The scheme provides for financial assistance to DISCOMs to implement prepaid smart metering for consumers and strengthening of distribution infrastructure.
The ceremonial signing took place during the Vibrant Gujarat Summit 2024, graced by key dignitaries, including Shri Jai Prakash Shivahare, IAS, MD of GUVNL, and Shri Rajesh Kumar Gupta, CEO of RECPDCL, in the presence of Gujarat Chief Minister, Shri Bhupendra Patel.
The financial collaboration extends to the Government of Gujarat facilitating RECPDCL in obtaining necessary permissions and clearances for upcoming projects within the state. Aligned with the state’s policies, rules, and regulations, this partnership reflects a commitment to fostering development and innovation.
The MoU establishes a time-bound framework to expedite the establishment of RECPDCL’s projects in Gujarat, highlighting the state’s commitment to providing a conducive environment for businesses and projects, thereby contributing to economic growth and sustainable development.
This financial move by REC Limited’s subsidiary aligns with REC’s broader financial initiatives. REC Limited, a Maharatna CPSE established in 1969 under the Ministry of Power, has an extensive loan book exceeding Rs 4.7 lakh Crore, providing long-term financial products for the Power-Infrastructure sector and diversifying into Non-Power Infrastructure ventures.
