Rural Electrification Corporation Limited
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 & 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, Refinery, etc.
REC provides long terms loans and other financing products to State, Centre and Private Companies for creation of infrastructure assets in the country.
As on 30.06.24, REC had a Loan Book of ₹5,29,739 Cr with 89% loans to state sector. The Net Worth of the company stood at ₹72,351 Cr. As per Public Enterprises Survey FY2022-23, REC is ranked 7th in term of Net Profit among all 193 profit making CPSEs
REC LTD - Corporate Profile
recindia.nic.in
REC Limited Receives RBI Approval for Wholly Owned Subsidiary in Gujarat’s GIFT City
![REC-logo[1].png](https://defencepk.com/forums/data/attachments/67/67297-a47a3b59998e4882499b9a0e15321e47.jpg?hash=SuwDo4TszQ "REC-logo[1].png")
REC Limited has obtained a ‘No Objection Certificate’ from the Reserve Bank of India, dated May 3, 2024. This certificate allows REC to establish a wholly owned subsidiary in the Gujarat International Finance Tec-City (GIFT), located in Gandhinagar, Gujarat. GIFT is recognized as a thriving center for financial services within India.
This strategic decision to venture into GIFT aligns with REC’s ongoing efforts to broaden its scope and seek fresh avenues for expansion. The proposed subsidiary within GIFT will be involved in various financial activities typical of a finance company, such as lending, investments, and other related services.
REC Limited has obtained a ‘No Objection Certificate’ from the Reserve Bank of India, dated May 3, 2024. This certificate allows REC to establish a wholly owned subsidiary in the Gujarat International Finance Tec-City (GIFT), located in Gandhinagar, Gujarat. GIFT is recognized as a thriving...
observenow.com
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Read more:
https://www.mercomindia.com/rec-subsidiary-bids-500-mw-ists-solar-projects
REC Power Development and Consultancy (RECPDCL), a wholly-owned subsidiary of REC Limited, has invited bids to set up 500 MW of interstate transmission system (ISTS)-connected solar power projects...
www.mercomindia.com
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REC Limited Signs MoUs for Renewable Energy Projects
New Delhi: REC Limited has signed non-binding Memorandums of Understanding (MoUs) with renewable energy developers for projects totaling approximately Rs 1.12 lakh crore. These agreements were made during the 4th Global Renewable Energy Investors Meet & Expo (RE-INVEST 2024) in Gujarat.
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