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State-run REC Ltd has entered into an initial partnership with Sagarmala Finance Corporation Ltd (SMFCL) to jointly explore financing opportunities within India's maritime and allied infrastructure sectors. The collaboration, formalised through a Memorandum of Understanding (MoU) signed earlier this week, aims to strengthen financial cooperation to accelerate port-led development and support the country's blue economy ambitions. Senior officials from both organisations attended the signing ceremony, underscoring their commitment to advancing critical maritime infrastructure.
Earlier this week, state-owned non-banking financial firm REC Ltd signed an initial agreement with Sagarmala Finance Corporation Ltd (SMFCL) to identify and pursue joint financing opportunities in India's maritime and allied infrastructure sectors. The Memorandum of Understanding (MoU) was signed between Saraswathi, Executive Director (Infrastructure and Logistics) at REC Ltd, and A C Nayak, Director (Finance) at SMFCL, in the presence of S T Selvam, Director (Projects) of Sagarmala Finance Corporation Ltd. Advertisement
The agreement aims to establish a framework for collaboration between the two entities, enabling the pooling of financial resources and expertise to enhance investment in key maritime projects. According to an official statement, both organisations intend to leverage their combined financial strengths to contribute to the development of India's port-led infrastructure and support the government's broader blue economy initiatives.
The partnership between REC Ltd and Sagarmala Finance Corporation Ltd signifies an important move towards strengthening India's maritime infrastructure ecosystem. By joining forces, both institutions aim to channel strategic financing into critical port and logistics projects, thereby supporting economic growth and sustainability in coastal regions. The collaboration is expected to play a vital role in advancing the nation's vision for integrated maritime development and boosting the overall efficiency of India's logistics network.
Source - PTI
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