REC wins Gold Shield in ICAI Award for Excellence in Financial Reporting for the Financial Year 2023-24

REC Limited, a Maharatna Public Sector Enterprise and a leading NBFC- IFC under the Ministry of Power, Government of India, has been awarded ‘Gold Shield’ under the ‘Financial Services Sector (Other than Banking and Insurance)’ category ‘ICAI Awards for Excellence in Financial Reporting for the financial year 2023-24’.

The prestigious recognition reflects the commitment of our Company to excellence in financial reporting, transparency and adherence to the highest standards of accounting practices.

The selection has been made based on the company’s accounting practices, policies adopted for disclosure, presentation of financial statements, other disclosures in the Annual Report and degree of compliance with Indian Accounting Standards, Statutory guidelines and Regulations.

Shri Harsh Baweja, Director (Finance), Shri Rajesh Kumar, Executive Director (Finance) and Shri Mohan Lal Kumawat, Executive Director (Finance) have received the award from Shri Arjun Ram Meghwal, Union Minister of State (Independent Charge) of the Ministry of Law and Justice; and Minister of State in the Ministry of Parliamentary Affairs, at a ceremony held in the World Forum of Accountants (WOFA) at New Delhi. ICAI President CA Ranjeet Kumar Agarwal, Vice President CA Charanjot Singh Nanda, Research Committee Chairman & Vice Chairman and the ICAI Council Members were also present at the event.

Shri Harsh Baweja expressed gratitude for the recognition and highlighted the dedication of REC Limited’s team in maintaining best financial practices and application of applicable regulations.

The Institute of Chartered Accountants of India through its Research Committee has been organizing the ICAI Awards for Excellence in Financial Reporting since the year 1958, to recognize and encourage excellence in the preparation and presentation of financial as well as non-financial information in annual reports by entities across various sectors.

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.