REC - 5 Decades and still going strong
REC Ltd., a Navratna NBFC, founded in 1969, celebrated its 50th Foundation Day on 25th July 2019 at an event held in New Delhi. The company has funded projects across the power sector value chain to the tune of nearly Rs. 10,00,000 Cr. The company with a vision of a greener future has already funded nearly 5 GW of Renewable Energy projects and was the first Indian PSU corporate to raise money through green bonds in International Markets. Today, REC boasts a loan book of over Rs. 2.80 lac crores.
The Chief Guest of the evening Shri R K Singh, MoS (IC) for Power and NRE in his address called REC ‘a friend, philosopher and guide of the power utilities of state’ and revisited his memories of engaging with REC during the early phase of his career. Secretary Power, the Guest of Honor for the evening lauded the efforts of REC in Nation Building Activities like SAUBHAGYA, despite being a financial organization operating in the power sector space. Shri Ajeet Agarwal, CMD, REC Limited said ‘These Golden Jubilee Celebrations reflect on our glorious past and inspire us to contribute to the collective growth of this nation with greater vigour and zeal’. The audience was enthralled by a captivating cultural programme.
The event was attended by key ministry officials and senior management members of various PSEs. Ex-CMDs of REC were also felicitated during the event.