REC Limited, a prominent public sector enterprise operating under the Ministry of Power, recently organized a workshop focused on “Customized Debt Financing for Commercial Mining & MDOs” (Mine Developers and Operators). The workshop, which took place at the esteemed Hotel Oberoi in New Delhi, saw participation from key stakeholders representing both government and industry, with a particular emphasis on the coal mining and financing sectors. This event was designed to provide insights into tailored debt-financing solutions and foster knowledge-sharing while exploring innovative financing mechanisms to stimulate growth within this critical sector.
The workshop brought together experts and decision-makers from REC and various mining agencies, each presenting their distinctive perspectives on the financing challenges and opportunities inherent to the mining industry. The occasion served as a platform for a fruitful exchange between lenders and borrowers, with an open forum discussion aimed at addressing the queries and concerns of Mining Developers.
Amrit Lal Meena, the Chief Guest and Secretary of the Ministry of Coal, used the opportunity to urge banks and non-banking financial companies to create appropriate credit solutions for commercial coal mines, aligning their efforts with the Ministry’s proposals. Mr. Meena also underscored the importance of efficient closure of coal mines when they reach the end of their operational life and the rejuvenation of exhausted mines for sustainable ventures, such as Pumped Storage facilities and Solar Parks. This approach reflects a commitment to repurpose these lands for more sustainable uses in the future.
Nagaraju, Additional Secretary of the Ministry of Coal, commended REC’s proactive initiative and affirmed the coal sector’s significance in meeting base load energy demands. His remarks further emphasized the industry’s stability and continued relevance.
Vivek Kumar Dewangan, CMD of REC Limited, spoke about the pivotal role played by the mining industry in India’s economic progress. He emphasized that the Indian government’s focus on ‘Atmanirbhar Bharat’ (self-reliant India) and ‘Make in India’ has set the stage for substantial expansion within the mining sector, making customized debt financing solutions an urgent necessity. Mr. Dewangan expressed REC’s unwavering commitment to being a strategic partner in this transformative journey.
Mukesh Choudhary, Director (Marketing) of Coal India Ltd, reiterated the substantial contributions of Mining and Mine Developers to the nation’s development. He encouraged financial institutions to step forward and support the sector’s developmental endeavours, with special recognition of REC’s role through its financial solutions, which effectively supplement the nation’s growth requirements.
