Rural Electrification Corp

#2468

Rank

$5.12B

MarketCap IN

IN India

Country

Summary
REC Limited, a public financial institution, provides financing services for power generation, transmission, and distribution projects in India. It primarily offers term-loan, medium-term loan, and short-terms loan. The company also acts as a nodal agency for the implementation of Pradhan Mantri Sahaj Bijli Har Ghar Yojana for universal household electrification, Deen Dayal Upadhyaya Gram Jyoti Yojana, National Electricity Fund, Outage Management System, and 11kv Rural Feeder Monitoring Scheme, as well as acts as the bid process coordinator for selection of transmission service provider through tariff based competitive bidding process for independent inter-state and intra-state transmission projects; and provides implementation and consultancy services in power sector. It serves central/state government power utilities, as well as private sector power utilities. The company was formerly known as Rural Electrification Corporation Limited and changed its name to REC Limited in October 2018. REC Limited was incorporated in 1969 and is based in Gurugram, India. REC Limited is a subsidiary of Power Finance Corporation Limited.

History

Early years

REC was set up in July 1969, in the backdrop of a critical drought situation facing India in the late sixties. The company’s initial mandate was mainly to help State Electricity Boards energise pump-sets across the country to boost agriculture and overcome the crippling impact of three successive years of deficient monsoons. The company also provided finance to accelerate the pace of rural electrification in the overall context of planned programmes for increased agricultural production. Besides finance, REC also offered appraising, consultancy, technical support and monitoring of projects, to assist State Electricity Boards/Power Utilities, Rural Electric Cooperatives and other such institutions.

Post-Liberalised India

Liberalisation by the Government of India in 1991 saw introduction of amendments to existing laws and reform measures enabling the private sector to participate in large-scale in manufacturing industry, services industry and infrastructure. Sectors like power, airports, seaports, roadways, projects were identified for private participation, and nodal agencies were set up to do the initial spade work and later hand over such projects to private players through competitive bidding routes. In April 2006, GoI identified 14 transmission projects worth ?200 billion for development by 2012. REC was identified as one of the two GoI-appointed nodal agencies for transferring identified projects to private developers. REC also started extending loans to manufacturers of T&D equipment.

2000–Current

Till 2000, REC focused on the Transmission and Distribution aspect of power, with projects for household electrification in rural and semi-urban areas, area electrification in tribal/ dalit areas, intensive electrification, and system improvement projects based on strengthening and improving transmission, sub transmission and distribution systems. REC’s portfolio of Generation projects constituted mainly Mini/Micro Generation Projects up to 25MW capacity till 2000. In June 2002, the mandate of REC was expanded to include financing of all generation projects without limit on size or location. Today, financing of Generation projects has become a major thrust-area of operations for REC, also attracting majority of its private sector borrowers.

Since 2005, REC has been appointed nodal agency by Ministry of Power Archived 15 July 2013 at the Wayback Machine for Government of India scheme Rajiv Gandhi Grameen Vidyutikaran Yojana aimed at building rural electricity infrastructure and household electrification towards the National Common Minimum Programme goal of access to electricity for all. Under the scheme, 90% capital subsidy is provided by Government of India for overall cost of projects. Cumulatively till FY10, works in 190,858 villages have been completed and free connections to over 10 million below poverty line households have been released. The REC is the nodal agency under the newly launched SAUBHAGYA Yojana by the present Modi government.


Mission
The mission of REC is to provide safe, reliable and affordable electricity to all. To be the facilitator for rural electrification and to provide the power for all.

Vision
The vision of REC is to be a leading institution for electrification and clean energy initiatives in India and a leading provider of sustainable energy solutions for rural India.

Key Team

Mr. Daljeet Singh Khatri (Chief Gen. Mang. of Fin. & Accounts)

Mr. Vijay Kumar Arora (Chief Risk Officer)

Mr. Vijay Kumar Singh (Director of Technical & Director)

Ms. Simmi R. Nakra (Chief Vigilance officer)

Mr. Rameswar Prasad Vaishnaw (Exec. Director of HR)

Mr. S. N. Gaikward (Exec. Director of Project Monitoring Division)

Dr. P. Shakil Ahammed (Sr. Exec. Director)


Recognition and Awards
REC has won several awards including the National Energy Conservation Award, Bharat Nirman Ratna, Solar Power Developer Award and the Rural India Excellence Award.

References
Rural Electrification Corp
Leadership team

Mr. Ajoy Choudhury (Director of Fin. & Director)

Mr. Jyoti Shubhra Amitabh (Exec. Director of Law, Compliance Officer & Company Sec.)

Mr. Vivek Kumar Dewangan I.A.S. (Chairman & MD)

Products/ Services
Energy, Financial Services, Infrastructure, Project Management
Number of Employees
100 - 500
Headquarters
New Delhi, Delhi, India
Established
1969
Net Income
1B - 20B
Revenue
Above - 1B
Traded as
RECLTD.NS
Social Media
Mon Feb 26 2024
About

businessabc offers a global business, SMEs wiki directory blockchain, NFTs, AI powered marketplace for businesses worldwide.

Follow Us
Produced by
In collaboration with
Logo

Copyright 2023 © businessabc powered by ztudium