Gurugram, 14 May 2024: Shri Harsh Baweja has taken charge as Director (Finance) at REC Limited after the approval from the Appointments Committee of the Cabinet (ACC) on 10th May, 2024.
Shri Baweja's appointment follows the recommendation by the Public Enterprise Selection Board (PESB), which identified him as the ideal candidate for the role after a rigorous selection process involving 11 candidates.
Shri Baweja, a seasoned Chartered Accountant, brings with him an extensive experience of over 33 years in managing financial & business operations across multiple institutions. With over three decades of expertise in finance and a background as a Chartered Accountant, Shri Baweja's appointment underscores his proven track record in navigating complex financial landscapes.
His tenure as Executive Director of Finance at REC saw him steer the organization through diverse financial challenges, demonstrating a keen understanding of both state and private sector financing.
His distinguished career also includes overseeing REC’s key business offices in strategic locations across India.
Shri Baweja's profound understanding of the intricate financial landscape within the energy sector has been instrumental in steering REC's growth trajectory and enhancing its financial performance over the years.
Notably, his strategic initiatives have been pivotal in addressing the challenges posed by stressed assets, contributing significantly to REC's journey towards achieving a Net Zero NPA status by the end of the current fiscal year and diversification of financing portfolio with focus on renewable sector too.
Expressing his vision for his new role, Shri Baweja stated, "My focus will remain steadfast on securing low-cost borrowing, driving healthy growth for all stakeholders, and positioning REC as a frontrunner in renewable energy financing with zero NPA by fiscal year end."
In his capacity as Director of Finance, Shri Baweja will spearhead REC's financial strategies, ensuring the company's continued financial resilience and facilitating its ongoing initiatives towards sustainable development. His expertise will be pivotal in strengthening REC's position as a leader in the energy finance domain.
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 ₹ 5.09 lakh crore and Net Worth at Rs. ₹ 68,783 crore as on 31 March, 2024.
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