Company Overview - REC Limited

Key Highlights:

• Founded on July 25, 1969, REC is a Maharatna central public sector undertaking under the Ministry of Power, headquartered in New Delhi with its corporate office in Gurugram.
• Strategic importance to and strong support from Government of India (GOI), REC being step-down subsidiary with 53% holding by PFC.
• It has diversified beyond power into non‑power infrastructure sectors—including metro, roads, ports, waterways, and railways—showcasing its expansion into broader infrastructure finance.
• Reported as on FY25, the company had an AUM of INR 5,59,088.08 crore and a Net worth of INR 77,637.97 crore.

Overview:

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 was incorporated in 1969 in the backdrop of severe drought and famine in the country, to energise agricultural pump-sets for irrigation purposes, thereby reducing the dependency of agriculture on monsoons. From its humble beginnings, REC has evolved and expanded its financing mandate to cover the entire Power-Infrastructure sector comprising Generation, Transmission, Distribution, Renewable Energy and new technologies like Electric Vehicles, Battery Storage, Green Hydrogen etc. More recently REC 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.

Management

Shri Vivek Kumar Dewangan (Chairman and Managing Director)

Shri Vivek Kumar Dewangan is the Chairman & Managing Director of REC Limited since May 17, 2022. He is an IAS officer (Manipur: 1993) and holds a degree in B.E. (Electronics) from NIT, Bhopal and P.G. in Optoelectronics & Optical Communication from IIT, Delhi. Prior to joining REC, he was Additional Secretary in the Ministry of Power, Government of India.

During his illustrious IAS career, he has held various administrative positions in the areas of Finance, Power & Energy, Petroleum & Natural Gas, Elections, Law & Justice, Commerce & Industries, Minister’s Offices (Corporate Affairs, Agriculture & Food Processing Industries), Education, Human Resource Development, Sericulture, Agriculture & Cooperation, Economic affairs, Economics & Statistics, Rural Development & Panchayati Raj, District Administration (Surguja & Raipur district in Chhattisgarh and Senapati district in Manipur) and Revenue Administration. As CMD, he provides strategic vision and overall direction to REC for achieving its corporate objectives.

Shri Vijay Kumar Singh (Directors - Projects)

Shri Vijay Kumar Singh is the Director (Projects) of REC Limited since July 15, 2022. Prior to his elevation, he was serving as Executive Director in the Company. He holds a bachelor’s degree in electrical engineering from IIT, Roorkee and has over 35 years of experience in the Indian power sector. He joined REC on March 29, 2007, prior to joining REC, he had worked with Power Grid Corporation of India Limited and NTPC Limited.

As Director (Projects), he is responsible for all technical functions of REC, including project & entity appraisal of renewable energy, generation, transmission & distribution projects, power sector value chain i.e. equipment manufacturing, coal block financing etc, and infrastructure financing namely

ports, airports, metro, hospitals, refinery etc; and financing activities including sanction, disbursement and project monitoring, business development, Stressed Assets Management, Diversification and overall functioning of the Company. He is also responsible for key operational areas of Procurement, Legal matters, IT system and Capacity building business through RECIPMT. He is guiding the Program Management Division towards successful implementation of Government Programs.

Shri Harsh Baweja (Directors - Finance)

Shri Harsh Baweja is Director (Finance) of REC Limited since May 14, 2024. He is a Chartered Accountant with an impressive 33-year tenure in steering financial operations across multiple institutions. As a Fellow Member of the Institute of Chartered Accountants of India (ICAI) and a holder of a Diploma in Information Systems Audit from ICAI, his credentials reflect proven track record in navigating complex financial landscapes.

With a wealth of experience spanning over three decades, his previous role as Executive Director (Finance) at REC showcased his adeptness in leading both state and private sector financing, showcasing exceptional acumen in managing diverse business verticals and financial portfolios. His tenure at REC saw him steer the organization through diverse financial challenges, demonstrating a keen understanding of financing sector.

Key Financial – FY25

All figures in INR Crore

Lenders:

The prominent lenders in REC Limited include:

Banks:

·       HDFC Bank

·       ICICI Bank

·       IDFC Bank

·       Indian Bank

·       State Bank of India

NBFCs and DFI

·       India Infrastructure Finance Company Ltd.

Equity

·       Power Finance Corporation

·       HDFC Trustee Company

·       Nippon Life India Trustee

·       LIC

Explore corporate bonds below for REC Limited

Above mentioned corporate bond details are as of Date: 20.08.2025.

Disclaimer:

Investments in debt securities/municipal debt securities/securitized debt instruments are subject to risks including delay and/or default in payment. Read all the offer-related documents carefully.