REC receives Technology Excellence Award for Generative AI Implementation
Dated 2024-07-23

REC Limited, a Maharatna CPSE under the Ministry of Power and a leading NBFC, has been conferred with the ‘Technology Excellence Award’ for its IT project “Generative AI implementation in REC”.  The award was presented under the category ‘Impactful Public Sector IT Intervention’ at the Elets India AI Summit 2024, held in Bengaluru.

REC has emerged as a pioneer among CPSEs by adopting and implementing Generative AI to enhance efficiency, efficacy, and governance in its operations. This innovative approach has positioned REC as a leader in leveraging cutting-edge technology to drive substantial improvements within the public sector.

Applauding the recognition, Shri Vivek Kumar Dewangan, CMD, REC said, “This accolade underscores REC's dedication to embracing innovative solutions that drive operational excellence and governance. We have consistently led the way in adopting cutting-edge technologies to improve our workplace. By integrating advanced AI technologies, REC continues to demonstrate its commitment to pioneering initiatives that contribute to the nation’s technological progress.”

The Elets India AI Summit 2024 is a leading event in the technology landscape which was organized by Elets in collaboration with the MeitY Start-up Hub, Government of India, the Department of Electronics, IT, BT, and S&T, Government of Karnataka, and the Karnataka Innovation and Technology Society (KITS). The summit brought together industry leaders, policymakers, and technology enthusiasts to celebrate advancements in AI and recognize exemplary contributions in the field.

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 ₹ 5.09 lakh crore and Net Worth at Rs. ₹ 68,783 crore as on 31 March, 2024.