In a significant boost to infrastructure development in the Mumbai Metropolitan Region (MMR), REC Limited, a Maharatna Central Public Sector Enterprise under the Ministry of Power, has signed a Memorandum of Understanding (MoU) with the Mumbai Metropolitan Region Development Authority (MMRDA) for a massive ₹1 lakh crore investment.
The MoU was signed during the India Global Forum (IGF) Mumbai NXT 25 event at the Jio Convention Centre. Harsh Baweja, Director (Finance), REC Limited, and Dr. Ankush R Nawale, Financial Advisor, MMRDA, executed the agreement in the presence of Maharashtra Chief Minister Devendra Fadnavis, Deputy Chief Minister Eknath Shinde, Metropolitan Commissioner Dr. Sanjay Mukherjee, Additional Metropolitan Commissioner Vikram Kumar, Executive Director of REC Rahul Dwivedi, and other senior officials from both organisations.
The agreement cements REC Limited’s commitment to financing a broad spectrum of infrastructure projects over the next five years, focusing on urban mobility, affordable housing, and essential civic infrastructure. This long-term funding initiative aims to accelerate the region’s transformation into a modern, resilient, and sustainable urban ecosystem.
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Speaking on the occasion, Harsh Baweja stated, “Our ₹1 lakh crore commitment reflects our strong dedication to supporting large-scale infrastructure projects that will significantly improve the living standards for the people of Mumbai Metropolitan Region.” Rahul Dwivedi added, “We are excited to partner with MMRDA in this transformative initiative.”
This collaboration highlights REC Limited’s growing role in powering India’s infrastructure growth and reaffirms its mission to facilitate sustainable development across the nation.