REC received Innovative Technology Development Award at IIT Madras CSR Summit

REC received Innovative Technology Development Award at IIT Madras CSR Summit

IIT Madras has recently concluded one of the great events of the institution “Building India 2047: Technology for Better Tomorrow” corporate social responsibility summit. In this CSR summit of IIT Madras, REC Limited, a Maharatna Central Public Sector Enterprise under the Ministry of Power and a leading NBFC, has received the ‘Innovative Technology Development Award’.

REC has been honored with this Award for its CSR initiative of installation of a 2 MW rooftop solar plant at IIT Madras. According to the company this solar plant has the capacity of generating 3.15 million units of Clean Energy every year. This is a great initiative to reduce the carbon print for IIT Madras.

More about the award:

The representing Authority of REC Limited Executive Director (CSR), Smt. Taruna Gupta and Chief Program Manager, REC, Regional Office Chennai, Smt. Thara Ramesh has received the award. The event also witnessed other prominent personalities such as Minister for IT and Digital Services of Tamil Nadu, Dr. Palanivel Thiaga Rajan and Director, IIT Madras, Prof. V. Kamakoti.

REC Foundation, a corporate social responsibility arm of REC Limited maintains efforts to the commitments for CSR and it also encourages those projects which are beneficial and have profound impact on the society. REC is known for its initiatives which harness renewable energy sources.

REC Limited has already received many awards for its CSR activities such as the Global CSR Leadership Awards in 2023 and the PSE Excellence Award for CSR in 2023.

About REC Limited:

REC Limited, formerly known as Rural Electrification Corporation Limited, is a public infrastructure finance company in India.

REC Limited was established in 1969 by the Government of India under the Companies Act 1956. It was initially set up to promote rural electrification in India.

REC Limited primarily provides financial assistance for the development of the power sector in India. This includes funding projects related to power generation, transmission, and distribution.

It provides financial assistance to various entities in the power sector, including state electricity boards, state governments, power utilities, and private sector companies.

REC Limited has consistently maintained high credit ratings from agencies like CRISIL, ICRA, and CARE, reflecting its strong financial position and credibility.

In recent years, REC Limited has been increasingly focusing on financing renewable energy projects such as solar, wind, and hydroelectric power projects, aligning with India’s goals for sustainable development.

REC Limited raises funds through the issuance of bonds in the domestic and international markets. It also borrows from various financial institutions and banks to finance its operations.

The company is involved in various corporate social responsibility (CSR) initiatives, focusing on areas such as education, healthcare, and community development, particularly in rural areas.

Conclusion:

Clean energy, including renewable energy sources such as solar, wind, hydro, and geothermal power, plays a crucial role in several key areas. Clean energy significantly reduces greenhouse gas emissions, helping to mitigate climate change and reduce air pollution. By transitioning away from fossil fuels, clean energy contributes to cleaner air and water, healthier ecosystems, and overall environmental sustainability.

Important Questions:

1. REC Limited has recently received an award by IIT Madras in which category?
2. Describe the importance of clean energy.

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