REC limited honoured for innovative CSR initiative at IIT Madras summit

The accolade acknowledges REC’s CSR endeavour involving the installation of a 2 MW rooftop solar plant at IIT Madras, which annually generates approximately 3.15 million units of clean energy, thus aiding in the reduction of the institute’s carbon footprint.

REC Limited, a Maharatna Central Public Sector Enterprise under the Ministry of Power and a prominent Non-Banking Financial Company (NBFC) has received the esteemed ‘Innovative Technology Development Award’ at the ‘Building India 2047: Technology for Better Tomorrow’ summit organised by IIT Madras as part of its Corporate Social Responsibility (CSR) initiatives. The accolade acknowledges REC’s CSR endeavour involving the installation of a 2 MW rooftop solar plant at IIT Madras, which annually generates approximately 3.15 million units of clean energy, thus aiding in the reduction of the institute’s carbon footprint.

REC Limited, through its CSR arm, REC Foundation, remains steadfast in its dedication to CSR and prioritises projects with significant societal impact, particularly those aligned with sustainable development goals and national priorities. By spearheading initiatives leveraging renewable energy sources, REC continues to pave the way towards a greener, more environmentally conscious future. Taruna Gupta, Executive Director (CSR), and Thara Ramesh, Chief Programme Manager of REC’s Regional Office in Chennai, accepted the award on behalf of REC. The ceremony was attended by Dr. Palanivel Thiaga Rajan, the Minister for IT and Digital Services of Tamil Nadu, and Prof. V Kamakoti, the Director of IIT Madras, both of whom lauded REC’s unwavering commitment to sustainable development goals.

Notably, REC Limited has garnered recognition for its CSR endeavours, including the Global CSR Leadership Awards in 2023 and the PSE Excellence Award for CSR in the same year.

As a ‘Maharatna’ Central Public Sector Enterprise under the Ministry of Power, REC is registered with the RBI as an NBFC and Infrastructure Financing Company (IFC). It provides financial support to the entire power infrastructure sector, encompassing generation, transmission, distribution, renewable energy, and emerging technologies such as electric vehicles, battery storage, and green hydrogen projects. Recently, REC has diversified its portfolio to include the non-power infrastructure sector, encompassing projects in roads, expressways, metro rail, airports, IT communication, social and commercial infrastructure, ports, and electro-mechanical works in various sectors like steel and refinery.

REC has also been appointed as the nodal agency for certain states and union territories for the Revamped Distribution Sector Scheme (RDSS). As of December 31, 2023, REC’s loan book stands at ₹4.97 lakh crores, with a net worth of ₹64,787 crores, showcasing its robust financial position and substantial contribution to the development of India’s infrastructure sector.