Gurugram: REC Limited, a Maharatna CPSE under the Ministry of Power and a leading NBFC, through its CSR arm - REC Foundation, has demonstrated unwavering support for the welfare of Ex-Servicemen and their dependents by making a contribution of Rs 15 Crores to the Armed Forces Flag Day Fund, which will be used for the education of 12,500 children of ex-servicemen.
The commitment was sealed by way of a Memorandum of Agreement signed by Smt. Taruna Gupta, Executive Director (CSR), on behalf of REC, and Commodore HP Singh, Secretary, Kendriya Sainik Board, in New Delhi.
Smt. Taruna Gupta, ED(CSR), REC said, "At REC, we believe in the importance of honoring the sacrifices made by our Ex-Servicemen and their families. Our contribution to the Armed Forces Flag Day Fund reflects our commitment to their welfare and well-being."
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Commodore HP Singh, Secretary, Kendriya Sainik Board said, "We are deeply grateful for the support of REC Foundation. Their contribution will significantly enhance our efforts to provide assistance and welfare programs for Ex-Servicemen and their dependents."
The Armed Forces Flag Day Fund is dedicated to providing financial assistance, rehabilitation, and welfare measures to Ex-Servicemen, war widows, and their dependents.
The REC Foundation's contribution to the Armed Forces Flag Day Fund reaffirms its commitment to corporate social responsibility and its dedication to making a positive impact on society.
About REC Limited –
About REC Limited: REC is a 'Maharatna' CPSE under the Ministry of Power, and is registered with RBI as Non-Banking Finance Company (NBFC), 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, Pumped Storage projects, Green Hydrogen, Green Ammonia projects etc. Recently, REC 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 Ltd. provides loans of various maturities to State, Central and Private Companies for creation of infrastructure assets in the country. REC Ltd. continues to play a key strategic role in the flagship schemes of the Government for the power sector and has been a 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 Pradhan Mantri Suryodaya Yojana from Central Government. The loan book of REC stands at Rs 4.97 Lakh Crore and Net Worth at Rs. 64,787 crores as on 31st Dec, 2023.
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