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30,483-cr loan agreement signed by MMRDA-REC for nine metro lines

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30,483-cr loan agreement signed by MMRDA-REC for nine metro lines

Recently, a credit deal of $30,483 crore was signed by the Mumbai Metropolitan Region Development Authority (MMRDA) and REC Ltd, which is under the jurisdiction of the Union government, to finance the construction of the nine new metro lines in the Mumbai Metropolitan Region (MMR). According to REC’s official spokesperson, a significant amount of the necessary funds—to the tune of 14,434 crore—are being granted for electromechanical works. In addition, REC has formally approved to lend 16,049 crore for non-EM works. The projects will have many positive effects, including a decrease in traffic congestion, a reduction in travel time, a decrease in air and noise pollution, and a decrease in fuel consumption, according to the Maharashtra government, which has designated them as “public vital infrastructure ventures.” These will act as catalysts. in the total decrease of the Mumbai metropolitan area’s carbon footprint. The nine lines backed by REC have a combined route length of 154 km, and the company is dedicated to meeting the nation’s infrastructure and energy transition demands through its funding solutions. It is also prepared to broaden its financing portfolio. You may recall that REC authorised a loan for electrical, technical, and allied projects totaling Rs. 30,483 crore in May of this year. The power ministry’s Navratna Company offers financial support to the generation, transmission, and distribution sectors of the power industry.

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