REC wins Prestigious Golden Peacock Award 2024 for Excellence in Corporate Governance

Gurugram : REC Limited, a Maharatna CPSU under Ministry of Power and a leading NBFC, has been honoured with Golden Peacock Award 2024 for Excellence in Corporate Governance. The award was presented by the Golden Peacock Awards Secretariat and Institute of Directors in a ceremony held in London.

The Golden Peacock Award is a testament to REC’s unwavering commitment to the highest standards of corporate governance. This recognition underscores REC’s dedication to transparency, accountability, and ethical business practices, which have been integral to its sustained success and reputation in the industry.

REC has won the award in Power (Financial Services) category.

Shri Vivek Kumar Dewangan, IAS, Chairman and Managing Director, REC expressed his gratitude for the award, stating, “We are deeply honoured to receive the Golden Peacock Award for Excellence in Corporate Governance. This accolade reflects our continuous efforts to uphold the principles of good governance and our commitment to creating long-term value for our stakeholders.”

REC was declared winner by awards jury, led by 25th Chief Justice of India, Hon’ble Justice M. N. Venkatachaliah and other jury members included Justice U. U. Lalit, former Chief Justice of India; Prof. (Judge) Mervyn E. King SC, and others.   

The award ceremony, attended by distinguished leaders from various industries, highlighted the importance of corporate governance in fostering sustainable business practices. REC’s recognition among the elite group of awardees reaffirms its position as a leader in the power sector and a role model for corporate governance.

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.