Rural Electrification Corporation Limited (RECL)

Rural Electrification Corporation Limited (RECL)

Established in July 1969 to combat drought and boost agriculture by energizing pump sets, REC Limited (formerly Rural Electrification Corporation) is a leading Maharatna CPSU under India’s Ministry of Power. It has evolved from financing rural electrification to powering India's 24x7 goals, shifting toward renewable energy projects and non-power infrastructure. 

Key Historical Milestones:

• 1969: Incorporated on July 25 as a private company to fund rural electrification and agricultural pump set energization.
• 1970s-80s: Began lending to State Electricity Boards (SEBs), established the Central Institute for Rural Electrification (CIRE) in 1979, and launched initiatives like Kutir Jyoti and Jal Dhara.
• 1993: Signed its first Memorandum of Understanding (MoU) with the Ministry of Power regarding performance targets.
• 2002: Granted 'Mini Ratna-I' status.
• 2008: Went public with an IPO and listed on the

  BSE and NSE

  
  .
• 2018: Renamed from Rural Electrification Corporation Limited to "REC Limited" to reflect its broadened financing scope.
• 2019:

  Power Finance Corporation (PFC)

  
  acquired a majority stake, making REC a subsidiary.
• 2022-2023: Attained 'Maharatna' status and began a major shift towards funding renewable energy projects, targeting a 10-fold increase in its green finance portfolio by 2030. 

Evolution of Function:Initially focused solely on rural, agricultural electrification, the company now finances the entire power sector value chain, including generation, transmission, and distribution. It acts as a nodal agency for major government initiatives, such as the

Saubhagya scheme, and has expanded into financing non-power infrastructure projects, including roads, metros, and healthcare.