New Delhi (The Hawk): REC Limited, a Maharatna Central Public Sector Enterprise under the Ministry of Power and a leading NBFC, has been honoured with the 'Innovative Technology Development Award' at the 'Building India 2047: Technology for Better Tomorrow', an IIT Madras Corporate Social Responsibility Summit. The award has been conferred in recognition of REC's CSR initiative of installation of 2 MW rooftop solar plant at IIT Madras. The solar plant generates around 3.15 million units of clean energy every year, thus helping IIT Madras reduce its carbon footprint.
Executive Director (CSR), Smt. Taruna Gupta and Chief Program Manager, REC, Regional Office Chennai, Smt. Thara Ramesh, received the award on behalf of REC. The ceremony was graced by Minister for IT and Digital Services of Tamil Nadu, Dr. Palanivel Thiaga Rajan and Director, IIT Madras, Prof. V. Kamakoti who applauded REC's commitment to sustainable development goals.
REC Limited, through its CSR arm, REC Foundation, maintains a strong commitment to CSR and prioritizes projects that have a profound impact on society, with an impetus on sustainable development goals and national priorities. By spearheading initiatives that harness renewable energy sources, REC continues to pave the way for a greener, more environmentally conscious future.
REC Limited has been recognized for its CSR activities with several prestigious awards, including the Global CSR Leadership Awards in 2023 and the PSE Excellence Award for CSR in 2023.
REC is a 'Maharatna' Central Public Sector Enterprise under the Ministry of Power, and is registered with RBI as Non-Banking Finance Company (NBFC), and Infrastructure Financing Company (IFC). REC finances the entire Power-Infrastructure sector comprising Generation, Transmission, Distribution, Renewable Energy and new technologies like Electric Vehicles, Battery Storage, Pumped Storage Projects, Green Hydrogen and Green Ammonia projects. Recently, REC has also diversified into the Non-Power Infrastructure sector comprising Roads & Expressways, Metro Rail, Airports, IT Communication, Social and Commercial Infrastructure (Educational Institution, Hospitals), Ports and Electro-Mechanical (E&M) works in respect of various other sectors like Steel and Refinery.
REC Ltd. provides loans of various maturities to State, Central and Private Companies for creation of infrastructure assets in the country. REC Ltd. continues to play a key strategic role in the flagship schemes of the Government for the power sector and has been a nodal agency for Pradhan Mantri Sahaj Bijli Har Ghar Yojana (SAUBHAGAYA), Deen Dayal Upadhaya Gram Jyoti Yojana (DDUGJY), National Electricity Fund (NEF) Scheme which resulted in strengthening of last-mile distribution system, 100% village electrification and household electrification in the country. REC has also been made the nodal agency for certain States and Union Territories for the Revamped Distribution Sector Scheme (RDSS). The loan book of REC stands at Rs 4.97 Lakh Crores and Net Worth at Rs. 64,787 crores as on 31st December, 2023.
