A financial organization, REC Ltd (REC), is a subsidiary of Power Finance Corp Ltd. It gives state power utilities financial support for producing, transmitting, or distributing electricity. In addition, the company provides financial solutions for developing different power transmission, infrastructure, and distribution segments, including debt refinancing, short-, medium-, and long-term loans, equity financing, and long-term loans. It supplies the power industry with both conventional and renewable energy. The organization services central power sector utilities, state governments, private sector project developers, and state power utilities.
REC Company Details
| Company Name | REC LTD. |
| Origin Country | India |
| Established Year | 1969 |
| Founder/Chairman | Vivek Dewangan |
| Managing Director/CEO | Vivek Dewangan |
| Headquarters | Gurgaon, Haryana, India |
| Products/Services | Financial assistance to state power utilities for generation, transmission or distribution |
| Number of Employees | 419 |
| Official Website | www.recindia.nic.in/home |
Operations and Services
Formerly known as Rural Electrification Corporation Limited, REC Limited is a holding company of Power Finance Corporation Limited (PFC) owned by the Indian government’s Ministry of Power. It supports and finances energy initiatives all around India. The PSU lends money to Rural Electric Cooperatives, State Electricity Boards, NGOs, Private Power Developers, and Central and State Sector Power Utilities nationwide.
History and Evolution
In July 1969, REC was established against India’s drought conditions in the late 1960s. The company’s original mission was to assist State Electricity Boards in reviving pump sets around the nation to support agriculture and mitigate the devastating effects of three years in a row with insufficient monsoons. In the broader framework of planned programs for enhanced agricultural productivity, the corporation supplied funding to quicken the progress of rural electrification.
In addition to financing, REC provided project monitoring, technical support, appraisal, and consulting services to help Rural Electric Cooperatives, State Electricity Boards/Power Utilities, and other similar organizations.
To conduct internal training programs for REC employees as well as to develop techno-managerial skills and efficiency in Distribution Companies, State Electricity Boards (SEBs), Rural Electric Cooperatives, and other Power Utilities, REC developed a national training institute in Hyderabad in 1979. Presently, RECIPMT regularly hosts seminars with participation from private and public utilities for national and international executives within the power sector, covering various topics related to Transmission and Distribution.
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