The Government of India has accorded the status of ‘Maharatna’ to REC, the highest recognition for a CPSE.
An order to this effect was issued today by the Department of Public Enterprises, under the Ministry of Finance. Incorporated in 1969, REC is an NBFC focusing on Power Sector Financing and Development across India.
CMD REC Vivek Kumar Dewa thanked all stakeholders who have placed their trust in the company, and especially the employees who have offered their unwavering support for over five decades of our operations.
With this, REC can also enter into technology Joint Ventures or other strategic alliances among others. Dewangan CMD, REC said that REC achieved this feat owing to its adaptability, resilience and consistent performance even during the global Covid-19 pandemic.
CMD REC also expressed heartfelt gratitude to the Ministry of Power whose guidance and support have been key in making this accomplishment possible.
The grant of ‘Maharatna’ status to REC will impart enhanced powers to the company’s Board while taking financial decisions.
With the ‘Maharatna’ status, REC can now make equity investments to undertake financial joint ventures & wholly-owned subsidiaries, undertake M&As in India and abroad, subject to a ceiling of 15% of the Net Worth, limited to ₹5,000 crore in one project. The Board of REC can now also structure and implement schemes relating to personnel and Human Resource Management and Training.