REC Limited honored for Excellence in Financial Reporting and Corporate Governance Disclosure by SAFA
Dated 2024-11-13

REC Limited, a Maharatna CPSE under the Ministry of Power and a leading NBFC, received an award in the financial services category at the ‘Best Presented Annual Report Awards, Integrated Reporting Awards, and SAARC Anniversary Awards for Corporate Governance Disclosure 2023’. The awards were organized by the South Asian Federation of Accountants (SAFA).

The award was presented to Shri Awanish Bharati, GM (Finance) and Shri Subendu Roy, GM (Finance) at a ceremony held in Sri Lanka.

These awards recognize organizations for their exceptional transparency, adherence to governance standards, and exemplary reporting practices in their annual disclosures.

This accolade from SAFA, a highly esteemed body representing accounting professionals across South Asia, underscores REC’s commitment to the highest standards of corporate governance and excellence in financial reporting.

SAFA’s annual awards recognise companies across South Asia that set a benchmark in financial accountability and disclosure through exceptional reporting and governance practices.

About REC LIMITED

REC is a 'Maharatna' company under the administrative control of the Ministry of Power, Government of India, and is registered with RBI as Non-Banking Finance Company (NBFC), Public Financial Institution (PFI) and Infrastructure Financing Company (IFC). REC is financing the entire Power-Infrastructure sector comprising Generation, Transmission, Distribution, Renewable Energy and new technologies like Electric Vehicles, Battery Storage, Pump Storage projects, Green Hydrogen, Green Ammonia projects etc. More recently REC Limited has also diversified into the Non-Power Infrastructure sector comprising Roads & Expressways, Metro Rail, Airports, IT Communication, Social and Commercial Infrastructure (Educational Institution, Hospitals), Ports and Electro-Mechanical (E&M) works in respect of various other sectors like Steel, Refinery, etc.

REC Limited provides loans of various maturities to State, Central and Private Companies for creation of infrastructure assets in the country. REC Limited continues to play a key strategic role in the flagship schemes of the Government for the power sector and has been nodal agency for Pradhan Mantri Sahaj Bijli Har Ghar Yojana (SAUBHAGAYA), Deen Dayal Upadhaya Gram Jyoti Yojana (DDUGJY), National Electricity Fund (NEF) Scheme which resulted in strengthening of last mile distribution system, 100% village electrification and household electrification in the country. REC has also been made the nodal agency for certain States and Union Territories for the Revamped Distribution Sector Scheme (RDSS). REC has also been given the responsibility of PM Surya Ghar Muft Bijli Yojna from Central Government. The loan book of REC stands at ₹5.46 lakh crore and Net Worth at Rs. ₹72,893 crores as on 30^th September, 2024.