REC holds its 51st Annual General Meeting

The 51^st Annual General Meeting (AGM) of REC Limited was held through Video Conferencing/Other Audio Visual Means. The meeting was held in the presence of Shri S K Gupta – CMD REC Limited, Shri Ajoy Choudhary – Director (Finance) REC Limited, Shri Mritunjay Kumar Narayan – Government Nominee Director & Chairman of Audit Committee, Shri Praveen Kumar Singh – Nominee Director of PFC (holding company of REC) and Chairman of Stakeholders Relationship Committee along with Shri J S Amitabh – Executive Director & Company Secretary REC Limited. In addition, 208 shareholders attended the AGM through Video Conferencing/Other Audio Visual Means.

During the financial year 2019-20, REC sanctioned total loan assistance of Rs. 1,10,907.99 crore towards various power sector projects/schemes. The same included Rs. 55,811.89 crore sanctioned towards generation projects, Rs. 7,026.33 crore towards renewable energy projects, Rs. 41,604.77 crore towards T&D projects and Rs. 6,465.00 crore towards short term, medium term & other loans. Furthermore, the company’s Net Profit and Total Comprehensive Income stood at Rs. 4,886.16 crore and Rs. 4,336.37 crore respectively.

Under the ‘Aatmanirbhar Bharat’ package of the Government of India, REC has disbursed Special Long-Term Transition Loans to DISCOMs for making payment to generators, as they were facing severe cash crunch owing to the pandemic. These loans provided much needed relief to the power sector by injecting liquidity.

About REC Limited: REC Limited (formerly Rural Electrification Corporation Limited) is a Navratna NBFC focusing on Power Sector Financing and Development across India. Established in 1969, REC Limited has completed over fifty years in the area of its operations. It provides financial assistance to state electricity boards, state governments, central/state power utilities, independent power producers, rural electric cooperatives and private sector utilities. Its business activities involve financing projects in the complete power sector value chain; different type of projects includes Generation, Transmission, Distribution Projects, and Renewable Energy projects.