REC Foundation, the Corporate Social Responsibility arm of REC Limited, has signed a Memorandum of Agreement (MoA) with Artificial Limbs Manufacturing Corporation of India (ALIMCO), under which REC will provide assistance of ₹10.00 crores for a project for “Distribution of Aids and Assistive Devices to Persons with Disabilities” in 25 locations across the country. More than 5,000 people belonging to disadvantaged sections of society are expected to benefit from the project.
The project aims to empower the Divyang Jan, restore their confidence and improve their functional abilities. The assistive devices are generally long-lasting and do not require high level of maintenance. The capital cost is borne under the project and the people receiving the aids and assistive devices are expected to maintain them.
The Memorandum of Agreement was signed by Senior General Manager & Head of Department, REC Foundation, Shri Bhupesh Chandolia and General Manager (Marketing), ALIMCO, Shri Ajay Chaudhary. The project will be implemented by ALIMCO.
REC Limited is a Maharatna Central Public Sector Enterprise established in 1969 under the Ministry of Power. It is a Non-Banking Finance Company focusing on Power Sector Financing and Development across India. It provides financial assistance to state electricity boards, state governments, central and 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; for various types of projects including Generation, Transmission, Distribution and Renewable Energy. REC’s funding illuminates every fourth bulb in India. REC has recently diversified into financing infrastructure and logistics sector as well. The loan book of REC exceeds Rs. 4,74,275 Crores.
Artificial Limbs Manufacturing Corporation of India (ALIMCO) is a Schedule ‘C’ Miniratna Category II Central Public Sector Enterprise, under the administrative control of Department of Empowerment of Persons with Disabilities, Ministry of Social Justice & Empowerment, Government of India. It is 100% owned by the Govt. of India. The main objectives of the Corporation are to promote, encourage and develop the availability, use, supply and distribution of Artificial Limbs and accessories and constituents at reasonable cost to needy persons particularly disabled Defence personnel, hospitals and such other welfare institutions; to establish facilities for the manufacture of Artificial Limbs and accessories and constituents which can be or may conveniently be used for the manufacture of or in connection with such articles; and to carry on the business of manufacturers, buyers, sellers, importers, exporters, dealers in and of Artificial Limbs and accessories and constituents which can be or may conveniently be used for the manufacture of or in connection with such articles.