REC Ltd Receives ‘Innovative Technology Development Award’ At IIT Madras CSR Summit

REC Limited, a Maharatna Central Public Sector Enterprise under the Ministry of Power and a prominent NBFC, has been honored with the ‘Innovative Technology Development Award‘ at the ‘Building India 2047: Technology for Better Tomorrow’ CSR Summit, hosted by IIT Madras.

REC’s 2 MW Solar Plant at IIT Madras

• The recognition highlights REC’s CSR initiative of installing a 2 MW rooftop solar plant at IIT Madras, which annually generates approximately 3.15 million units of clean energy, contributing significantly to reducing the institute’s carbon footprint.

Recognition and Reception

• Smt. Taruna Gupta, Executive Director (CSR), and Smt. Thara Ramesh, Chief Program Manager of REC’s Regional Office Chennai, received the award on behalf of REC.
• Dignitaries present included Dr. Palanivel Thiaga Rajan, Minister for IT and Digital Services of Tamil Nadu, and Prof. V. Kamakoti, Director of IIT Madras, who commended REC’s dedication to sustainable development goals.

Commitment to CSR and Sustainable Development

• REC Foundation, REC Limited’s CSR arm, maintains a robust commitment to CSR, prioritizing projects with a profound impact on society and aligning with sustainable development goals and national priorities.
• REC leads initiatives that harness renewable energy sources like solar power, paving the way for a greener, more environmentally conscious future.

Recognition for CSR Initiatives

• REC Limited has garnered recognition for its CSR endeavors, including prestigious accolades such as the Global CSR Leadership Awards in 2023 and the PSE Excellence Award for CSR in 2023, reaffirming its commitment to social responsibility and sustainable development.

Overview of REC Limited

• Established as a ‘Maharatna’ Central Public Sector Enterprise under the Ministry of Power, REC Limited is registered with the RBI as a Non-Banking Finance Company (NBFC) and Infrastructure Financing Company (IFC).
• REC’s financing portfolio spans the entire power-infrastructure sector, including generation, transmission, distribution, and renewable energy, as well as emerging technologies like electric vehicles, battery storage, and green hydrogen projects.

Diversification into Non-Power Infrastructure

• REC has diversified into non-power infrastructure, including projects related to roads, expressways, metro rail, airports, IT communication, and social and commercial infrastructure such as educational institutions and hospitals.
• REC also engages in electro-mechanical works across sectors like steel and refinery.

Key Strategic Role and Impact

• REC Limited plays a pivotal role in the flagship schemes of the Government for the power sector, serving 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.
• These efforts have significantly contributed to the strengthening of last-mile distribution systems, achieving 100% village electrification, and household electrification nationwide.
• REC has also been entrusted as the nodal agency for certain states and union territories for the Revamped Distribution Sector Scheme (RDSS).