REC & Sagarmala Finance Corp Pact: Maritime Infra

New Delhi, Oct 29 (PTI) Non-banking finance firm REC Ltd on Wednesday said it has inked an initial agreement with Sagarmala Finance Corporation Ltd (SMFCL) to explore joint financing opportunities in India's critical maritime and allied infrastructure sectors.

A Memorandum of Understanding (MoU) was formally signed between Saraswathi, ED (Infrastructure and Logistics) of state-owned REC Ltd, and A C Nayak, Director (Finance), joined by S T Selvam, Director (Projects), Sagarmala Finance Corporation Ltd, a company statement said.

The purpose of this MoU is to explore collaboration and joint financing opportunities in India's critical maritime and allied infrastructure sectors, the statement added.

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.