REC Ltd joins hands with UNISED to support Education of Children in Siddharthnagar, Uttar Pradesh
REC Limited, a Maharatna Central Public Sector
Enterprise under the Ministry of Power and a leading Non-Banking Finance
Company, has partnered with the Unit of Science and Educational Development (UNISED) to
support the education of around 75,500 children of Siddharthnagar
district, Uttar Pradesh. REC has entered into this partnership
through its Corporate Social Responsibility arm REC
Foundation. REC has committed a financial assistance of Rs. 9.91
crores towards this noble cause.
The Memorandum of Agreement (MoA) between REC Foundation and UNISED has
been signed during a ceremony held in New Delhi. The agreement was finalized by
Head of CSR at REC Foundation, Bhupesh Chandolia and Assistant Programme
Director at UNISED, Rashmi Kumari, thus helping solidify UNISED’s commitment to
improving educational opportunities for underprivileged children.
UNISED, with its nationwide presence, has stated that it is dedicated to
revolutionizing education through innovative learning systems. As part of this
collaboration, UNISED will implement solar energy-operated smart classes and
establish joyful learning resource labs in government schools across
Siddharthnagar district. This initiative aims to provide students with access
to modern educational tools and resources, empowering them to excel
academically and creatively.
Recently, REC Foundation, has demonstrated unwavering support for the
education of 12,500 children of ex-servicemen, making a contribution of Rs. 15
Crores to the Armed Forces Flag Day Fund.
REC is a 'Maharatna' Central Public Sector Enterprise under the Ministry
of Power, and is registered with RBI as Non-Banking Finance Company (NBFC), and
Infrastructure Financing Company (IFC). REC finances the entire
Power-Infrastructure sector comprising Generation, Transmission, Distribution, Renewable
Energy and new technologies like Electric Vehicles, Battery Storage, Pumped
Storage Projects, Green Hydrogen and Green Ammonia projects. 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 and Refinery.
REC Ltd provides loans of various maturities to State, Central and
Private Companies for creation of infrastructure assets in the country. REC
Ltd. continues to play a key strategic role in the flagship schemes of the
Government for the power sector and has been a 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). The loan book of REC stands at Rs 4.97 Lakh Crores and
Net Worth at Rs. 64,787 crores as on 31st December, 2023.