REC Limited, a leading public sector enterprise under the Ministry of Power, hosted an insightful workshop on ‘Customised Debt-Financing for Commercial Mining & MDOs.’ The workshop was held at Hotel Oberoi, New Delhi and was attended by key stakeholders from the coal mining and financing sectors to delve into innovative financing solutions.
The workshop witnessed participation from distinguished dignitaries, including Shri Vivek Kumar Dewangan, IAS, Chairman and Managing Director, REC Limited; Shri Amrit Lal Meena, IAS, Secretary, Ministry of Coal; Shri M Nagaraju, IAS, Additional Secretary, Ministry of Coal; Sh Mukesh Choudhary, Director (Marketing), Coal India Limited along with other eminent dignitaries from the industry and government sector.
Shri Vivek Kumar Dewangan welcomed the participants during his address and said, “Mining industry in India plays a pivotal role in the Nation’s economic progress. The Government’s focus on ‘Aatmanirbhar Bharat’ and ‘Make in India’ have set the stage for expansion in the mining sector and is high time the need for customized debt financing solutions in place. We at REC are committed to being a partner in this journey”.
Chief Guest Shri Amrit Lal Meena, Secretary (Coal) in his address expressed heartiest wishes to REC Limited for orchestrating the insightful workshop. Shri Meena advised banks and non-banking financial companies to find suitable and appropriate solutions while working on the proposals placed before the Ministry regarding credit availability for commercial coal mines. He also highlighted the necessity of efficiently closing coal mines once they reach the end of their operational life and rejuvenate such exhausted mines for sustainable endeavors like Pumped Storage facilities, Solar Parks, etc. In doing so, Secretary emphasized the commitment to harnessing these lands for more sustainable purposes in the future.
In his address, the Additional Secretary Shri Nagaraju commended REC’s initiative and stressed the importance of fostering an environment friendly approach in mining. Further, he added that the coal sector is there to stay for meeting base load demands.
Shri. Mukesh Choudhary, Director (Marketing), Coal India Ltd. reiterated the role of Mining and Mine Developers in their contribution towards the development of the nation. He urged Financial Institutions to come forward and support the developmental works in the sector with special mention of the role of REC through its financial solutions supplementing the growth needs of the nation.
The workshop’s agenda was structured to offer a comprehensive understanding of customized debt-financing solutions and as a platform to share knowledge and explore innovative ways of financing that can further drive the growth and development of this crucial sector.
The workshop featured presentations from REC & the Mining agencies, highlighting their unique perspectives on financing challenges and opportunities within the mining sector, from both the Lenders and Borrowers’ perspective followed by open forum discussion, addressing to the queries of Mining Developers.
Shri. Ajoy Choudhury, Director (Finance), REC Ltd. and Shri. V K Singh, Director (Projects), REC Ltd. addressed to the queries raised by the Mining Developers and highlighted the financial solutions provided by REC Limited.