State-run REC on Saturday said it has signed a loan agreement with Mumbai Metropolitan Region Development Authority (MMRDA) for nine metro projects being developed in the Mumbai Metropolitan Region (MMR).
The agreement was signed between the Maharatna CPSU and MMRDA in the presence of Maharashtra Chief Minister Eknath Shinde and Deputy Chief Minister Devendra Fadnavis in Mumbai.
A major portion of the required funds, to the tune of ₹14,434 crore is being extended by REC for Electro Mechanical (EM) works. Apart from this, REC has also in-principally agreed to loan ₹16,049 crore towards Non-EM works, REC said in a statement.
Positive impacts
The Maharashtra government has declared the projects as ‘Public vital infrastructure projects’. The project will have many positive impacts like reduction in traffic congestion, saving in travel time, reduction in air and noise pollution and lesser consumption of fuel, it added.
These will be catalysing factors in the overall reduction of the carbon footprint of the Mumbai metropolitan. The total route length of the nine lines funded by REC is 154 km.
REC is committed to cater to the infrastructure and energy transition needs of the nation through its funding solutions and is poised to diversify its portfolio of financing.