CURRENT AFFAIRS
CURRENT AFFAIRS
Description
REC Limited, a Maharatna Central Public Sector Enterprise under the Ministry of Power and a famous NBFC, received the 'Innovative Technology Development Award' at the 'Building India 2047: Technology for Better Tomorrow' CSR Summit sponsored by IIT Madras.
REC's 2 MW Solar Plant At IIT Madras
The award recognizes REC's CSR commitment to establish a 2 MW rooftop solar plant at IIT Madras, which generates around 3.15 million units of clean energy per year and greatly reduces the institute's carbon impact.
Recognition And Reception
Smt. Taruna Gupta, Executive Director (CSR), and Smt. Thara Ramesh, Chief Program Manager of REC's Regional Office Chennai, accepted the award on behalf of REC.
Dr. Palanivel Thiaga Rajan, Minister for IT and Digital Services in Tamil Nadu, and Prof. V. Kamakoti, Director of IIT Madras, praised REC's commitment to sustainable development goals.
Commitment To CSR And Sustainable Development
The REC Foundation, REC Limited's CSR arm, remains committed to CSR, choosing initiatives with a significant social impact while also fitting with sustainable development goals and national priorities.
REC spearheads programs that exploit renewable energy sources such as solar electricity, paving the path for a better, more environmentally responsible future.
Recognition For CSR Initiatives
REC Limited has received recognition for its CSR efforts, including prominent awards like the Global CSR Leadership Awards in 2023 and the PSE Excellence Award for CSR in 2023, reinforcing its commitment to social responsibility and sustainable development.
Overview Of REC Limited
REC Limited was founded as a 'Maharatna' Central Public Sector Enterprise under the Ministry of Power and is registered with the RBI as a Non-Banking Finance Company (NBFC) and Infrastructure Financing Company (IFC).
REC's financing portfolio covers the whole power-infrastructure sector, including production, transmission, distribution, and renewable energy, as well as emerging technologies such as electric vehicles, battery storage, and green hydrogen initiatives.
Diversification Into The Non-Power Infrastructure
REC has expanded into non-power infrastructure projects including as highways, expressways, metro rail, airports, IT connectivity, and social and commercial infrastructure like educational institutions and hospitals.
REC also operates in the electro-mechanical sector, including steel and refinery.
Key Strategic Roles And Impact
REC Limited is a key player in the government's flagship power sector programs, functioning as the nodal agency for projects such as the Pradhan Mantri Sahaj Bijli Har Ghar Yojana (SAUBHAGAYA), Deen Dayal Upadhaya Gram Jyoti Yojana (DDUGJY), and the National Electricity Fund (NEF) Scheme.
These efforts have made a substantial contribution to the upgrading of last-mile distribution infrastructure, as well as achieving 100% village and household electrification across the country.
In addition, REC has been designated as the nodal agency for the Revamped Distribution Sector Scheme (RDSS) in certain states and union territories.
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