Rural Electrification Corporation : Maharatna Status
Rural Electrification Corporation (REC) has been accorded the status of a ‘Maharatna’ Central Public Sector Enterprise (CPSE).
- REC is a Non-Banking Financial Company (NBFC), incorporated in 1969, focusing on Power Sector Financing and Development across India.
- It comes under the purview of the Ministry of Power.
- It has been appointed as a Nodal Agency for Government of India’s flagship schemes as following:
- Pradhan Mantri Sahaj Bijli Har Ghar Yojana (SAUBHAGAYA)
- Deen Dayal Upadhaya Gram Jyoti Yojana (DDUGJY)
- National Electricity Fund (NEF)
- REC also assists the Ministry of Power in monitoring the Ujjwal Discom Assurance Yojana (UDAY).
- The Board of a ‘Maharatna’ CPSE can make equity investments to undertake financial joint ventures and wholly-owned subsidiaries and undertake mergers and acquisitions in India and abroad, subject to a ceiling of 15% of the Net Worth of the concerned CPSE, limited to ₹5,000 crores in one project.
- The Board can also structure and implement schemes relating to personnel and Human Resource Management and Training.
- REC now can also enter into technology Joint Ventures or other strategic alliances among others.
