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Mumbai: Railway Energy Management Company (REMC), a joint venture of RITES and Indian Railways, has signed a Memorandum of Understanding with the Indian Railway Finance Corporation (IRFC), a financing arm of Indian Railways, to explore options for financing power projects for supply to the Railways.
According to the official press release, under this MoU, both parties will explore opportunities for collaboration across domains, including transaction advisory, project management services, DPR reviews, and consultancy or advisory services related to financing power projects with backward and forward linkages to the Railways, excluding those awarded by REMC.
It added that the MoU will also facilitate the financing of thermal, nuclear, and renewable power projects established under the captive model through joint ventures between Indian Railways and other entities.
“Leveraging each other’s expertise and manpower as needed, REMC and IRFC will capitalize on their complementary strengths to ensure a smooth project execution,” it said.
REMC is a joint venture of RITES and Indian Railways – with RITES having 51 per cent stake and the rest held by Indian Railways. It is in the business of power management and power generation.
It is mandated to handle power procurement under the open access for Indian Railways, besides handling renewable energy and energy-efficiency projects.
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