About REC Limited

REC Limited operates as a Maharatna Central Public Sector Enterprise and one of India’s largest Non-Banking Financial Companies. The company was originally established to finance rural electrification but has since expanded its operations to include the entire power value chain, covering power generation, transmission, distribution, and more. REC’s services also extend into non-power infrastructure and logistics sectors, including airports, metro rail, highways, and ports.

As of FY 2024–25, the company operates in all 28 states across India, maintaining 33 facilities, including its headquarters and regional offices. However, it has no international presence, and no export revenue is reported. REC offers a range of loan products, including long-term, medium-term, and short-term loans, primarily targeting government entities, independent power producers (IPPs), and private borrowers. In FY 2024–25, financial and credit leasing activities accounted for 99.88% of its turnover.

Business Segment of REC Limited

REC’s activities span the financing of projects across the power sector—generation, transmission, and distribution—alongside its expansion into non-power infrastructure and logistics sectors.

REC Limited’s Key Management Team

• Shri Jitendra Srivastava — Chairman & Managing Director and Director (Projects) (Additional Charge)

• Shri Harsh Baweja — Director (Finance) & Chief Financial Officer

• Shri J.S. Amitabh — Company Secretary & Compliance Officer

• Shri Subrata Aich — Executive Director (Finance) & Chief Risk Officer

• Smt. Vinita Narera — Chief Vigilance Officer

Latest Updates on REC Limited

• Strategic and Financial Milestones: In FY 2024–25, REC achieved its highest-ever disbursements of ₹1,91,185 crore and net profit after tax of ₹15,713 crore. The company secured top-tier domestic credit ratings (AAA) and investment-grade international ratings, enabling currency-neutral fund-raising of ₹1,42,204 crore.

• Green Finance and Capital Markets: REC issued new Green Bonds targeted at ESG-focused investors. These bonds will finance projects such as utility-scale solar and wind farms, metro, clean urban transport, and energy-efficient public infrastructure.

• Digital and Process Initiatives: The company completed the integration of its ERP with the Government e-Marketplace, which helped enhance its operational efficiency. Additionally, REC achieved an “Excellent” MoU rating for FY 2024–25, pending final evaluation.

• Subsidiary Performance and Project Development: REC’s wholly owned subsidiary had its best financial performance to date. REC’s subsidiary RECPDCL continues its role as Bid Process Coordinator for transmission projects, forming project-specific SPVs that are transferred to winning bidders under tariff-based competitive bidding.

• Expansion Plans: The company is setting up a new wholly owned subsidiary in GIFT City Gandhinagar for conducting finance activities within the International Financial Services Centre (IFSC). The Reserve Bank of India approved this initiative in May 2024, with the Ministry of Power’s approval still pending.

Recognitions: In FY 2024–25, REC received multiple awards, including the Golden Peacock Award for Excellence in Corporate Governance and the Adam Smith Awards ASIA for Best Funding Solution.