New Delhi: REC Limited, a Maharatna Central Public Sector Enterprise under the Ministry of Power, has been honored with the ‘Innovative Technology Development Award’ at the ‘Building India 2047: Technology for Better Tomorrow’ summit organized by IIT Madras. The award recognizes REC’s Corporate Social Responsibility (CSR) initiative involving the installation of a 2 MW rooftop solar plant at IIT Madras.
The solar plant, a part of REC’s CSR efforts, generates approximately 3.15 million units of clean energy annually, contributing significantly to IIT Madras’s efforts to reduce its carbon footprint. Smt. Taruna Gupta, Executive Director (CSR), and Smt. Thara Ramesh, Chief Program Manager, REC Regional Office Chennai, received the award on behalf of REC.
The ceremony was graced by Dr. Palanivel Thiaga Rajan, Minister for IT and Digital Services of Tamil Nadu, and Prof. V. Kamakoti, Director, IIT Madras, who commended REC’s commitment to sustainable development goals.
REC Limited, through its CSR arm, REC Foundation, remains dedicated to impactful CSR initiatives that align with national priorities and sustainable development goals. By actively promoting projects focused on harnessing renewable energy, REC contributes to building a greener and more environmentally conscious future.
This accolade adds to REC Limited’s list of recognitions, including the Global CSR Leadership Awards in 2023 and the PSE Excellence Award for CSR in 2023.
As a ‘Maharatna’ Central Public Sector Enterprise registered with RBI as a Non-Banking Finance Company (NBFC) and Infrastructure Financing Company (IFC), REC plays a crucial role in financing the entire power-infrastructure sector. This includes projects related to generation, transmission, distribution, renewable energy, and emerging technologies such as electric vehicles, battery storage, pumped storage projects, green hydrogen, and green ammonia.
In addition to its role in the power sector, REC has diversified into non-power infrastructure sectors, covering roads, expressways, metro rail, airports, IT communication, social and commercial infrastructure (educational institutions, hospitals), ports, and electro-mechanical (E&M) works for various sectors like steel and refinery.
REC Ltd. stands as a key player in implementing the government’s flagship schemes for the power sector, acting as a nodal agency for initiatives such as Pradhan Mantri Sahaj Bijli Har Ghar Yojana (SAUBHAGAYA), Deen Dayal Upadhaya Gram Jyoti Yojana (DDUGJY), and the National Electricity Fund (NEF) Scheme, contributing to the last-mile distribution system, village electrification, and household electrification in the country.
As of December 31, 2023, REC’s loan book stands at Rs 4.97 Lakh Crores, and its Net Worth is Rs. 64,787 crores. The organization continues to play a crucial role in driving sustainable development in the power and infrastructure sectors.