REC Limited has signed a memorandum of understanding (MoU) with the Jawaharlal Nehru Port Authority (JNPA) to provide funds up to Rs 450 billion for various upcoming JNPA projects. This includes development of Vadhavan Port in Maharashtra. This agreement is to establish a framework for cooperation between JNPA and REC, whereby JNPA implements projects in the infrastructure sector of its expertise and REC shall provide the required funds.
Additionally, the Power Finance Corporation has pledged to provide Rs 210 billion for the Vadhavan Port project. It will support the construction and infrastructure needed for the port to handle large container ships and bulk carriers.