REC to fund Rs 45,000 crore for JN Port’s expansion projects

MUMBAI: The Maharana public sector non-bank lender REC has signed an agreement with the Jawaharlal Nehru Port Authority (JNPA) to finance up to Rs 45,000 crore for the nation’s largest container port’s various upcoming projects, which includes the development of the nearby Vadhavan Port.

The JN port handles 50 percent of the containerized cargo volume in the country.

For REC, this large funding helps to expand its non-power portfolio, the company said in a statement on Monday.

Currently, its Rs 5.3 trillion loan book comprises power generation, transmission, distribution renewables projects and new technologies like electric vehicles, battery storage, pumped storage, green hydrogen and green ammonia projects.

In recent years it also strayed funding roads, expressways, metro rails and airports etc apart from social infrastructure projects like schools, hospitals among others.