Team News Riveting
New Delhi, February 20
REC Limited, a Maharatna Central Public Sector Enterprise under the Ministry of Power and a leading NBFC, has contributed Rs 15 crore to the Armed Forces Flag Day Fund, through REC Foundation, REC’s CSR arm.
The amount will be utilized for the education of 12,500 children of ex-servicemen. This contribution underscores REC Foundation’s dedication to supporting those who have served the nation selflessly.
Armed Forces Flag Day Fund (AFFDF) has been established with the objective of assisting Armed Forces veterans, widows and their dependents as well as the institutions and organizations created for rehabilitation of paraplegic soldiers.
In a symbolic gesture of solidarity, Executive Director of Corporate Social Responsibility (CSR) at the REC Foundation, Smt. Taruna Gupta presented the cheque to the Secretary of the Armed Forces Flag Day Fund.
“We are deeply grateful for the support of the REC Foundation,” remarked the Secretary of the Armed Forces Flag Day Fund. “Their contribution of Rs 15 crore will significantly enhance our efforts to provide assistance and welfare programs for Ex-Servicemen and their dependents.”
Expressing REC Foundation’s commitment to supporting the Armed Forces community, ED-CSR of REC Foundation said: “At the REC Foundation, we believe in the importance of honoring the sacrifices made by our Ex-Servicemen and their families. Our contribution to the Armed Forces Flag Day Fund reflects our commitment to their welfare and well-being.”
Contributions such as the one made by REC Foundation play a vital role in ensuring the continued support and care for those who have served the nation. The REC Foundation’s contribution to the Armed Forces Flag Day Fund reaffirms its commitment to corporate social responsibility and its dedication to making a positive impact on society.
Contributing to Armed Forces Flag Day Fund
All citizens of India are requested to contribute generously to the Armed Forces Flag Day Fund (AFFDF) and connect with the cause of war-widows, Ex-Service Men (ESM) and wards of the martyrs in solidarity with our soldiers and their next of kin or dependents. Contributions to AFFDF are exempt from Income Tax under Section 80G(5)(vi) of the Income Tax Act, 1961.
About REC Limited
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.
