PFC, BEML ink pact to finance, execute infrastructure projects in defence, rail transportation

By Pune Media On Oct 19, 2024 15

State-owned BEML and PFC have signed an agreement to finance and execute critical infrastructure projects, particularly in the areas of defence, rail transportation and infrastructure development.

The Memorandum of Understanding (MoU) was signed between BEML CMD Shantanu Roy and Parminder Chopra, CMD of PFC, in the national capital on Friday, BEML said in a statement.

Also read: BEML bags ₹867 cr contract from ICF Chennai to manufacture 2 high-speed trains

BEML and PFC entered into a strategic MoU which aims at intensifying cooperation in financing and executing critical infrastructure projects, particularly in the areas of defence, rail transportation and infrastructure development, it said.

“The partnership is a significant step forward in supporting India’s infrastructure and defence sectors. The synergy between our expertise in infrastructure development and defence production, combined with PFC’s financial strength, will help deliver transformative projects that will have a lasting impact on India’s economy and security landscape,” Roy said.

Also read: PFC net profit at record ₹26,461 crore in FY24

In addition to rail and metro projects, the MoU places a strong emphasis on advancing defence manufacturing in line with the Indian government’s ‘AatmaNirbhar Bharat’ vision, which focuses on achieving self-reliance in defence production.

Under the Ministry of Power, PFC is an infrastructure finance company. BEML, under the Ministry of Defence, operates in three verticals- construction and mining, rail and metro and defence and aerospace.

Published on October 19, 2024

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