REC, a Maharatna CPSE under the Ministry of Power and a leading NBFC, has signed a Memorandum of Agreement with the Indian Red Cross Society in the presence of Vivek Kumar Dewangan, Chairman and Managing Director; VK Singh, Director (Projects); Harsh Baweja, Director (Finance) and other senior officials of REC.
The agreement includes a financial commitment of Rs. 10 crore for the procurement and deployment of nine Mobile Medical Units (MMUs) and covers related operational expenditures for three years. The initiative aims to bring primary health services to the doorsteps of the deprived sections of society across various districts in Punjab and Rajasthan.
The Mobile Medical Units will serve as a lifeline for remote and underserved areas, providing essential medical care to individuals who might otherwise lack access to such services. In addition, REC Foundation is currently operating 10 Mobile Health Clinics under the 'Doctor Aapke Dwaar' CSR project in various districts of Chhattisgarh.
REC Foundation has supported over 400 projects in healthcare, sanitation, clean water access, education and skill development, women empowerment, sports and environmental sustainability. With over Rs. 1,300 Crore disbursed in CSR funds, REC's cumulative commitment to CSR activities exceeds Rs. 2,000 Crore.
The Indian Red Cross is a voluntary humanitarian organisation having a network of over 1,100 branches across the country. It provides disaster relief and care for vulnerable people and communities. It is a leading member of the largest independent humanitarian organisation in the world, the International Red Cross & Red Crescent Movement.
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 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 Rs 5.09 lakh crore and Net Worth at Rs 68,783 crore as on 31 March, 2024.
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