REC Ltd signs MoUs with UP Government, MP Power Management Company Ltd

On January 13, 2023, REC Limited has signed the following non-binding MoUs with UP government to extend financial assistance during UP Global Investors Summit, Delhi, which will help State in employment generation as well as exponential growth in UP:

a) for Power Generation project of ₹14,103 crore with capacity addition of nearly 3000 MW, Pollution control equipments and allied works;

b) for Transmission projects of ₹7,800 crore for strengthening the transmission system and network in UP;

c) for Distribution project of ₹13,600 crore for strengthening infrastructure, reducing AT&C losses, to provide quality and affordable power to all;

d) for renewable energy of ₹45,350 crore for addition of 10000 MW capacity; and

e) for multiple infrastructure development projects in UP state of ₹20,000 crore across various sectors.

Further, during MP Global Investors Summit 2023, REC has signed a non-binding MoU with MP Power Management Company Limited (MPPMCL) to extend financial assistance of ₹15,086 crore for upcoming Sarani and Amarkantak thermal power projects, system improvement works, technology upgradation, renovation & modernization etc.

Shares of REC Limited was last trading in BSE at Rs. 122.70 as compared to the previous close of Rs. 120.65. The total number of shares traded during the day was 543660 in over 4187 trades.

The stock hit an intraday high of Rs. 123.15 and intraday low of 120.30. The net turnover during the day was Rs. 66477077.00.

Source : Equity Bulls

Keywords

REC INE020B01018 NonBindingMoU UPGovernment MPPowerManagementCompany