REC is a 'Maharatna' company under the administrative control of the Ministry of Power, Government of India, and is registered with RBI as Non-Banking Finance Company (NBFC), Public Financial Institution (PFI) and Infrastructure Financing Company (IFC). REC was incorporated in 1969 in the backdrop of severe drought and famine in the country, to energise agricultural pump-sets for irrigation purposes, thereby reducing the dependency of agriculture on monsoons. From its humble beginnings, REC has evolved and expanded its financing mandate to cover the entire Power-Infrastructure sector comprising Generation, Transmission, Distribution, Renewable Energy and new technologies like Electric Vehicles, Battery Storage, Green Hydrogen etc. More recently REC has also diversified into the Non-Power Infrastructure sector comprising Roads & Highways, Metro Rail, Airports, Ports, IT Communication, etc.
The company has a countrywide presence through many state offices for effective service delivery. In the past, REC has been associated as nodal agency for Pradhan Mantri Sahaj Bijli Har Ghar Yojana (SAUBHAGYA), Deen Dayal Upadhaya Gram Jyoti Yojana (DDUGJY) and National Electricity Fund (NEF) Scheme. These schemes resulted in strengthening of last mile distribution system, 100% village electrification and household electrification in the country. Currently, as a nodal agency for the Revamped Distribution Sector Scheme (RDSS), REC is contributing to improve health of DISCOMS by ensuring quality, accountability & reliability in power supply nationwide. The company is also serving as the National Project Implementation Agency for the GoI's Rooftop Solar Initiative called “PM Surya Ghar Muft Bijli Yojana”.
Business area of the company
REC provides long terms loans and other financing products to State, Centre and Private Companies for creation of infrastructure assets in the country. REC funds its business with market borrowings of various maturities, including bonds and term loans apart from foreign borrowings. REC offers a gamut of financial services that cater to entities across the power sector value chain to help them set up power infrastructure, bolster operational efficiency, broaden their product portfolio and implement innovative technology solutions. We address the financial needs of state power utilities, private sector project developers, central power sector utilities and state governments to facilitate investments in power generation, power, transmission, power distribution and system improvement initiatives.
Loan products
- Long Term Loan: Long-term loans to State, Centre and Private Sector Companies for Power and Infrastructure projects.
- Short Term / Medium Term Loan: Loans are offered to borrowers to power utilities to meet their immediate working capital requirements, including purchase of fuel for power plants, system, and network maintenance, etc. for a tenure of 1 to 3 years.
- Debt Refinancing: Debt refinancing scheme for borrowers to reduce their interest costs. This facility is available generally for commissioned projects.
- Financing Of Equipment Manufacturing (Em) For Power Sector: Term loans to manufacturers of equipment or materials used in the power sector.
- Revolving Bill Payment Facility (RBPF): Available for DISCOMs for payment of power purchase dues and transmission charges of GENCOs & TRANSCOs, Private Sector TRANSCOs, IPPs and RE Generators.
- Others: Non-fund based products like Letter of Undertaking (LOU), in lieu of Bank Guarantee, etc.
Awards
2010-11
- Rajeev Sharma, CMD, REC, received MoU Excellence Award 2009-2010 for ‘Best Listed CPSE’ from then Prime Minister Dr. Manmohan Singh on January 31, 2012.
2011-12
- REC ranked among ‘Top 50 Best Companies to work for’ by a survey conducted by ‘The Great Places to Work Institute’ in 2012.
- REC received DSIJ PSU Award 2012 in the 'Fastest Growing Operational Metrics' Non-Manufacturing Navaratna category.
- REC received Silver trophy in the Skoch Digital Inclusion Award 2012 in the Competitiveness category for Implementation of ERP Solution across the Organization.
- REC received ‘IPE-CSR Corporate Governance Award by the Institute of Public Enterprises, Hyderabad in recognition of its best practices in CSR during 2012-13.
- Rajeev Sharma, CMD, REC received CIDC Vishwakarma Award 2013 in the category of ‘Achievement Award for Industry Doyen’.
2012-13
- Rajeev Sharma, CMD, REC received DSIJ PSU Award 2013.
- REC received India Today PSU Award.
- REC received India Pride Award 2013.
- Best Employer India 2013' by Aon Hewitt.
- The Helpage India Gold Plate Award' on the occasion of International Day for Older Persons in recognition of the project ‘Multi Facility Health Package for Old Age Homes’ funded under its CSR initiatives.
- REC has also been honored with RAJBHASHA SHREE SAMMAN by Bhartiya Rajbhasha Vikas Sansthan, Dehradun during the financial year 2013-14.
2013-14
- REC received 'ICSI National Award for Excellence in Corporate Governance.
- REC awarded India Pride Award for 'Excellence in Financial Services'.
- REC conferred the CBIP Award for Best Power Financing Company.
- REC conferred the IPSE Award 2014 - Rural Sector PSE of the year making Grass Root Infrastructure Impact.
- Received Gold Medal for Excellence in presentation of the theme - Women Empowerment at the concluding ceremony of IITF 2014.
- Received the 'Rajbhasha Shri Samman' & 'Vishesh Rajbhasha Shri Samman'by the Bharatiya Rajbhasha Vikas Parishad., Dehradun.
- Recognized as 'Company of the Year’ and conferred with 'Operational Performance Excellence' award at PSE Excellence Awards 2014.
2014-15
- SKOCH Smart Technology Award 2015 for REC CSR supported Project.
- SKOCH 'Order of Merit' award 2015 for REC CSR supported Project.
- REC was conferred with the Fastest Growing Navratna award 2015 at India Today PSUs awards.
- REC’s wholly owned subsidiary REC TPCL awarded the Fastest Growing PSU in Other PSUs category.
- REC felicitated for commendable work under Swachh Bharat Abhiyan.
- REC CMD bags the Best CMD Award in the PSU category at the ‘Business Today Best CEOs Awards’.
2015-16
- REC wins the Dainik Bhaskar India Pride Award 2017 for being the leading Financial Services NBFC in the Central PSU category
- REC wins GOLD n Large Enterprise - Service Category at the Financial Express CFO Awards 2017
- REC receiving “CBIP Award for Best Power Financing Company”
- REC IT Division awarded Certificate of Recognition for its contribution in Transforming REC by the Governance Now group (SAB TV).
- REC receives the exemplary Demonstration of ‘Passive Artiechture Design BY ghira COUNCIL in their 8th Summit 2017
- Awarded the “SCOPE Excellence Award for outstanding contribution to the Public Sector Management - Institutional Category I (Maharatna & Navrtatna)” and “SCOPE Meritorious Award for Best Managed Bank, Financial Institution Category” at the Standing Conference of Public Enterprises (SCOPE) Awards on the 8th Public Sector Day function held in New Delhi.
2016-17
- REC was named the Best Power Financing Company by CBIP
- REC Limited received the first prize for “Brand Building through Inclusive Growth Initiatives” at the Corporate Communication Excellence Awards 2017 organised by the SCOPE.
2017-18
- Dainik Bhaskar Excellence Award in Navratna PSU Category
- Danik Bhaskar Award to Mr, Ajeet Agarwal Director (Finance), REC for HOD in Finance category
- CIDC Vishwakarma Award Commemorative Medal to REC's World HQ project in Gurgugram in the category of Construction Health, Safety and Environment
- CBIP Best Power Financing Company
- GRIHA Winner of the Year award to REC's World HQ project in Gurgugram in Integrated Water Management category and Energy Management category
- SCOPE gold prize for Brand Building through Inclusive Growth Initiatives
- SCOPE Excellence Award for outstanding contribution to the Public Sector Management - Institutional Category I (Maharatna & Navrtatna)
- SCOPE Meritorious Award for Best Managed Bank, Financial Institution Category
2018-19
- DSIJ award for Highest Employee Efficiency (Navratna - Non-Manufacturing)
- Dainik Bhaskar India Pride Award for 'Excellence in Navratna' Category
- Dainik Bhaskar India Pride Award for 'HOD in Finance' Category
- CIMSME Award for Most Efficient NBFC
- Dun & Bradstreet PSU Award for 'Excellence in Financial Services'
- Mid-day INFRA Icon Award to Dr. P. V. Ramesh for Oustanding Contribution in the Category 'CMD of the Year'
- Golden Peacock Award 2018 for Excellence in Corporate Governance
- ISGF Innovation Awards 2019 Gold Winner for 'Best Project for Household Electrification'
- Kamikaze Corp Com & PR Excellence Award 2019 for 'Best Internal Publication'
2019-20
- 'Prestigious Rising Brands of India 2019' by BARC
- ICAI Award for Financial Reporting for FY 2018-19 in 'Public Sector Entities' category.
- SCOPE CC Excellence Award 2019 for 'Best House Journal (English)'
- SCOPE CC Excellence Award 2019 for 'Best Internal communication campaign'
- SCOPE CC Excellence Award 2019 for 'Effective Use of Digital Media for Saubhagaya'
- Swachh Bharat Puraskar for contribution to the Swachh Bharat Kosh of the Ministry of Jal Shakti, Government of India
2020-21
- 'Best Organization for Women Empowerment' award at Women Achievers Awards 2020 by Exchange4Media
- 'Mentor of the year in Corp Comm' award at Women Achievers Awards 2020 by Exchange4Media for Ms. Kalpana Kaul
2021-22
- Dun & Bradstreet BFSI & Fintech Award 2022- India's Leading NBFC- Infrastructure Financing
- 'Best Organization for Women Empowerment' award at Women Achievers Awards 2021 by Exchange4Media
- 'Mentor of the year in Corp Comm' award at Women Achievers Awards 2021 by Exchange4Media for Ms. Kalpana Kaul
2022-23
- Green Ribbon Champions Award for Commitment to Environmental Sustainability
- 'The Most Promising Business Leaders of Asia' award for Shri Vivek Kumar Dewangan, CMD - REC Limited by Economic Times
- 'Operational Performance Excellence' award at the 12th PSE Excellence Awards by Indian Chamber of Commerce
- Golden Peacock Award 2022 for Excellence in Corporate Governance
- 'Best Organization for Women Empowerment' award at Women Achievers Awards 2022 by Exchange4Media
- 'Best Public Sector IT Project ' award by Quantic India
- Dun & Bradstreet Award for 'Best Navratna'
- Dun & Bradstreet Award for 'Best PSU' - Financial Services category
- Titan Business Award 2022- The Premier Financial Institution - 'Fastest-Growing Company of the Year' category
- Titan Business Award 2022- The Premier Financial Institution - 'Financial Services' category
2023-24
- SKOCH ESG Award 2024 in Renewable Energy Financing Category
- 'Innovative Technology Development Award' at IIT Madras
- 'Best Green Bond - Corporate Award' at The Asset Triple A Awards for Sustainable Finance
- Scope Excellence Award in Special Institutional Category (Digitalization)
- Excellence in Financial Reporting 2022-23 in the financial service sector by ICAI
- ‘CSR Leadership Award 2023’ at 14th Agriculture Leadership Award 2023
- 'CSR & Sustainability' Award at XIII PSE Excellence Awards
- 'Operational Performance Excellence' Award & 'Corporate Governance' Award at XIII PSE Excellence Awards
- 'Most Sustainable Maharatna Leader' Award at World Sustainability Congress
- Mahatma Award for CSR, Sustainability SER & ESG for Corporations and Public Sector Enterprises
- ‘Best Employer in Diversity & Inclusion' Award by ASSOCHAM
- Golden Peacock Award for Risk Management
- Dun & Bradstreet Award for 'Best Central PSU' - Financial Services category
- Golden Award by GeM in 'highest value single bid procurements in FY2022-23
- 'Issuer of the Year' award at the 6th National Summit for corporate bond market by Assocham
- First Prize among power PSUs for implementing official language by Hindi Advisory Committee
2024-25
- ‘Excellence in Green Financing’ Award at the Green Ribbon Champions 2024
- Gold Shield in ICAI Award for Excellence in Financial Reporting for the FY 2023-24
- Sustainability Champion – Editors Choice Award
- CSR Award from Ministry of Culture
- ‘Nodal Agency of the Year’ Award by Bharat Electricity, POWERGEN India & Indian Utility Week
- Adam Smith Awards ASIA 2024 for ‘Best Funding Solution’
- Best Corporate Film Award at 8th National Media Conclave 2024
- ‘Award for Excellence’ for best use of emerging technologies by Governance Now
- ‘Distinguished Fellow Award 2024’ from the Institute of Directors
- Golden Peacock Award 2024 for Excellence in Corporate Governance by IOD
- ‘Technology Excellence Award’ for Generative AI Implementation in REC
- ‘ASSOCHAM Award’ for Best CSR contribution in challenging aspirational Districts
- Brand Building, Reputation Management and Best use of Storytelling Award by Governance Now
- ‘Certificate of Merit’ for 2023 Annual Report in ‘Financial Services Sector’ category
Milestones
- 1969: Journey began to develop power infrastructure in rural areas.
- 1998: Registered as NBFC with RBI.
- 2002: Conferred Miniratna (Category-1) Status.
- 2003: Mandate broadened to finance all power segments.
- 2008: Conferred Navratna Status, Floated IPO subscribed 27 times.
- 2010: Conferred IFC status by RBI.
- 2017: First Indian PSU to issue USD Green Bonds on London Stock Exchange.
- 2019: As Nodal Agency, achieved 100% Household Electrification.
- 2021: Appointed as Nodal Agency for RDSS.
- 2022: Conferred 'Maharatna', highest Status for CPSEs. Forayed into Infrastructure & logistics sector.
- 2023: Issuer of largest Green Bond of $750 million in South & South-East Asia, the first post India's G20 Presidency.
- 2024: Appointed as National programme implementing agency for PM Surya Ghar Muft Bijli Yojana, Maiden Yen Bond issuance of JPY 61.1 billion.
- 2025: REC becomes first public sector NBFC to achieve ISO 31000 : 2018 Independent Opinion Statement from BSI.
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