Mumbai | – In what is being hailed as a landmark move to supercharge Mumbai’s urban transformation, REC Limited, the Maharatna Central PSU under the Ministry of Power, has signed a massive ₹1 lakh crore MoU with the Mumbai Metropolitan Region Development Authority (MMRDA).
The signing ceremony unfolded at the India Global Forum (IGF) Mumbai NXT 25 event, hosted at the Jio Convention Centre in the presence of Maharashtra’s power-packed leadership — Chief Minister Devendra Fadnavis and Deputy CM Eknath Shinde — making it clear that this was not just another paperwork affair but a serious commitment to Mumbai’s future.
🔍 Quick Take: Why This Matters
Who? REC Limited & MMRDA
What? ₹1 lakh crore MoU for infrastructure development
Where? Mumbai Metropolitan Region
When? Signed on April 8, 2025, at IGF Mumbai NXT 25
Why? To fast-track housing, mobility, and civic infrastructure over 5 years
The agreement, inked by Harsh Baweja, Director (Finance), REC, and Dr. Ankush R Nawale, Financial Advisor, MMRDA, is set to open the financial floodgates for a range of infrastructure initiatives in the Mumbai Metropolitan Region (MMR). From next-gen urban mobility projects and affordable housing schemes to critical civic upgrades, the deal signals a new era in public infrastructure funding.
“This ₹1 lakh crore commitment isn’t just a number—it’s a bold declaration of intent. We’re here to back Mumbai’s growth story in a meaningful, long-term way,” said Shri Harsh Baweja.
Rahul Dwivedi, IAS, Executive Director of REC, echoed the sentiment:
“Partnering with MMRDA on this scale is a proud milestone. It aligns perfectly with REC’s mission to power India’s infrastructure backbone.”
This isn’t just big news—it’s a turning point. With funding to be released over the next five years, the partnership will play a key role in reshaping one of India’s most dynamic and densely populated urban regions.
