REC Limited
REC's corporate office on Lodi Road, New Delhi | |
Native name | आर ई सी लिमिटेड |
|---|---|
| Formerly | Rural Electrification Corporation Limited |
| Company type | Public Subsidiary |
| Industry | Infrastructure finance |
| Founded | 25 July 1969 New Delhi, Delhi, India |
| Headquarters | Core-4, SCOPE Complex, 7, Lodi Road, New Delhi, Delhi - 110003 |
Area served | India |
Key people | Sh. Jitendra Srivastava(CMD) |
| Revenue | ₹47,571.23 crore (US$5.6 billion) (2024) |
| ₹17,959.94 crore (US$2.1 billion) (2024) | |
| ₹14,145.46 crore (US$1.7 billion) (2024) | |
| Total assets | ₹548,191.09 crore (US$65 billion) (2024) |
| Total equity | ₹69,350.25 crore (US$8.2 billion) (2024) |
| Owner | Power Finance Corporation |
Number of employees | 513 (March 2024) |
| Subsidiaries |
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| Website | recindia.nic.in |
| Footnotes / references | |
REC Limited, formerly Rural Electrification Corporation Limited, is an Indian public sector company that finances and promotes power projects across India. It loans to Central/State Sector Power Utilities, State Electricity Boards, Rural Electric Cooperatives, NGOs and Private Power Developers. It is a subsidiary of Power Finance Corporation (PFC) and is under administrative control of the Ministry of Power, Government of India.
On 20 March 2019, PFC agreed to acquire a 52.63% controlling stake in REC for ₹14,500 crore (US$1.7 billion). On 28 March, PFC announced it had paid for the acquisition and intended to merge with REC in 2020. However, REC has maintained that merging PFC-REC is no longer an option.
From 1 September 2023, REC has been included in the Morgan Stanley Capital International (MSCI) Global Standard Index.
REC has diversified into non-power infrastructure and logistics, now covering airports, metro, railways, ports, and bridges. REC has 22 regional offices..