REC Power Development and Consultancy Ltd., a wholly owned subsidiary of REC Ltd., has inked a Memorandum of Understanding with the Gujarat government to invest Rs 2,094 crore for a smart metering project.
The company will implement the project at Paschim Gujarat Vij Co. under Phase 1 of the revamped distribution sector scheme, the Ministry of Power said in a statement on Thursday.
The MoU was signed ahead of the Vibrant Gujarat Summit 2024 by Gujarat Urja Vikas Nigam Managing Director Jai Prakash Shivahare and REC Power Development CEO Rajesh Kumar Gupta in the presence of Chief Minister Bhupendra Patel.
The state government will facilitate the REC arm in obtaining the necessary permissions and clearances for the upcoming projects. The agreement outlines a time-bound framework to streamline the projects in Gujarat, the statement said.
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