New Delhi: REC Limited, a leading public sector enterprise under the Ministry of Power, held an informative workshop on ‘Customised Debt-Financing for Commercial Mining and MDOs.’ The key stakeholders from the coal mining and financing sectors attended to discuss innovative financing solutions.
Distinguished dignitaries attending the workshop included Mr Vivek Kumar Dewangan, IAS, Chairman and Managing Director, REC Limited; Mr Amrit Lal Meena, IAS, Secretary, Ministry of Coal; Mr M Nagaraju, IAS, Additional Secretary, Ministry of Coal; and Sh Mukesh Choudhary, Director (Marketing), Coal India Limited, among others.
During his address, Mr Dewangan welcomed the participants and stated, “The mining industry in India plays a pivotal role in the Nation’s economic progress.” The government’s emphasis on ‘AatmaNirbhar Bharat’ and ‘Make in India’ has set the stage for mining sector expansion, and it is high time to put customised debt financing solutions in place. REC is dedicated to being a partner in this journey.”
In his address, Chief Guest Mr Amrit Lal Meena, Secretary (Coal), expressed his heartfelt gratitude to REC Limited for organising the informative workshop. While working on the proposals submitted to the Ministry regarding credit availability for commercial coal mines, Mr Meena advised banks and non-banking financial companies to find suitable and appropriate solutions.
He also emphasised the importance of efficiently closing coal mines when they reach the end of their operational life and revitalising such depleted mines for sustainable endeavours such as pumped storage facilities, solar parks, and so on. In doing so, the Secretary emphasised his commitment to using these lands in the future for more sustainable purposes.
In his address, Additional Secretary Mr Nagaraju praised REC’s initiative and emphasised the importance of encouraging an environmentally friendly approach to mining. Furthermore, he stated that the coal sector is here to stay in order to meet base load demands.
Mr. Mukesh Choudhary, Director (Marketing), Coal India Ltd., emphasised the importance of mining and mine developers in contributing to the nation’s development. He urged financial institutions to come forward and support the sector’s development efforts, highlighting the role of REC in supplementing the nation’s growth needs through its financial solutions.
The agenda of the workshop was designed to provide a comprehensive understanding of customised debt-financing solutions, as well as a platform for sharing knowledge and exploring innovative financing methods that can further drive the growth and development of this critical sector.
