Shares of REC Limited rose almost 2% on Monday after the signing of a contract with Jawaharlal Nehru Port Authority (JNPA).

What Happened: REC signed a memorandum of understanding with JNPA to shore up financing for infrastructure projects. Under the deal, REC will allocate up to ₹45,000 crore for infrastructure projects at JNPA, which includes the development of the Vadhavan port.

Rahul Dwivedi, the executive director at REC signed the agreement with Unmesh Sharad Wagh, Chairman of JNPA in the presence of Sarbananda Sonowal, the Union minister for ports, shipping and waterways.

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“The sustainable drive at our ports is a major driver to advance India’s maritime infrastructure and contribute to the nation’s growth under the ‘Viksit Bharat’ vision,” Sonowal said during the ceremony.

“This MoU 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,” REC’s statement said.

The event also saw the signing of another agreement between JNPA and Gateway Terminal India (GTI) to boost sustainable effort by shoring up power supply for vessels.

Price Action: Shares of REC were trading 0.94% higher at ₹592.20 on Monday.

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