Incorporated in 1969 under the Companies Act, REC commenced its operations for financing rural electrification in india. REC's mandate evolved further in line with the development priorities of the Government and today it is a strategic player in financing of entire Power Infrastructure space which includes financing for generation, transmission, distribution and rural electrification projects, across the country without any limit. Out of every 10 pumpsets in the country, 6 have been energized under the schemes financed by REC. REC continues to play an integral role in implementing the rural electrification strategy of the Government of India through implementation of the Rajeev Gandhi Gramin Vidyutikaran Yojana (RGGVY), an ambitious scheme launched by the Gol launched in 2005. REC is appointed to act as the nodal agency for the objective.
REC became a public financial institution in 1992 and a Non Banking Finance Company (NBFC) in 1998. The Govt. of India upgraded REC as Schedule A Enterprise and granted Mini Ratna grade-1 status in year 2002.
Today, REC is one of the leading Public Financial Institutions operating in Power Infrastructure space. The financial products primarily include long term loans, debt refinancing short term and bridge loans. REC's list of clients comprises of public sector power utilities as well as private sector borrowers.
REC through its two subsidiaries- REC PDCL and REC TPCL also provides Third party monitoring, Consultancy and Bid Process Coordinating services respectively. REC has also jointly promoted Energy Efficiency Services Limited with other PSUs to play a key role in implementation of the National Mission on Enhanced Energy Efficiency under the Jawahar Lal Nehru National Solar Mission.
REC leverages its pan-India presence with a network of 18 Zonal and Project ofices for development and conduct of business.
Operating Results for the last 5 financial Years
(Rs. In Crores)
* FY 2008-09 onwards, Sanctions and Disbursement are excldg. RGGVY Grant
For further details, please surf the site at :http://recindia.nic.in