REC Limited was awarded the 'Best Employer for Policies in Diversity and Inclusion' award at the 4th Diversity and Inclusion Excellence Awards and Conference organized by ASSOCHAM on 23 November 2023. REC Limited, under the Ministry of Power, is recognized as a Maharatna CPSE.
TSC Bosch receives award on behalf of REC:
- REC Executive Director, TSC Bosh graciously accepted the award on behalf of REC.
Why was REC given this honour?
- The awards ceremony recognized REC's unwavering commitment to promoting diversity and inclusion on the national stage.
- This recognition certifies REC's exemplary practices in formulating inclusive policies that deviate from traditional norms. The company's dedication to diversifying its workforce is reflected in its thoughtful policies, setting an admirable standard in the industry.
For what achievement is this award given?
- The 'Best Employer for Policies in Diversity and Inclusion' award reflects REC's commitment in creating a workplace that celebrates diversity, fosters innovation and promotes equal opportunities for all employees.
- REC has favorable policies and friendly staff in the human resource area and has played a vital role in achieving this milestone.
Other honors received by REC:
- Last month, REC was awarded the 'Golden Peacock Award' in recognition of its exceptional performance in risk management.
- REC was presented this award by the Institute of Directors (IOD). Additionally, REC was awarded the 'Best Central PSU' award in the Financial Services category at the Dun & Bradstreet PSU Awards 2023.
- REC Limited, a Maharatna CPSE under the Ministry of Power, was established in 1969.
- It provides long-term loans and other finance products for the power infrastructure sector which includes generation, transmission, distribution, renewable energy, electric vehicles, battery storage and new technologies such as green hydrogen.
- Recently REC has also diversified into the non-power infrastructure sector, covering various sectors like roads and expressways, metro rail, airports, IT communications, social and commercial infrastructure (educational institutions, hospitals), ports and steel, refineries etc. Other areas include electro-mechanical (E&M) work.
- REC also assists the Ministry of Power in monitoring the Ujwal Discom Assurance Scheme (UDAY).
Benefits of REC getting Maharatna status:
- RECs can also now enter into technology joint ventures or other strategic alliances.
- The Board of a 'Maharatna' CPSE can make equity investments in 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.
- The Board may also formulate and implement plans relating to personnel and human resource management and training.