REC Limited receives Adam Smith Awards ASIA 2024 for Best Funding Solution

Singapore – REC Limited, a Maharatna CPSE under the Ministry of Power and a leading NBFC, has been honored with the Adam Smith Awards ASIA 2024 in the “Best Funding Solution” category.

The award was presented at a ceremony held in Singapore by Ms. Sophie Jackson, Joint Publisher at Treasury Today Group.  Sh. Hemant Kumar, Chief Compliance Officer, and Sh. Koshal Puri, Sr. General Manager (Finance) received the award on behalf of REC.  

The Adam Smith Awards ASIA is regarded as a benchmark in Corporate Treasury and acknowledges organizations that exemplify innovation, efficiency, and strategic expertise in financial management. The award highlights REC Limited’s commitment to implementing forward-thinking funding solutions that align with India’s sustainable development goals.

As a key enabler of India’s energy sector, REC continues to support the nation’s growth trajectory by providing financial assistance for vital projects in generation, transmission, and distribution.

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 ₹5.46 lakh crore and Net Worth at Rs. ₹72,893 crores as on 30^th September, 2024.