New Delhi: Ajeet Kumar Agarwal, who is currently serving as Director (Finance) of REC Limited and holding the additional charge of the CMD post, has been given an extension for the CMD post on Monday, said an order from the Ministry of Power. He has been given the tenure extension by the Appointments Committee of the Cabinet (ACC) for a period of six months starting from December 6, 2019, till the date of his superannuation i.e. May 31, 2020, or till the appointment of a regular incumbent or until further orders, whichever is earliest.
Ajeet Kumar Agarwal is a Charted Accountant (CA). He is associated with REC Limited since August 1, 2012. He has done B.Com (Hons) from Shri Ram College of Commerce of University of Delhi. He is a fellow member of the Institute of Chartered Accountants of India (ICAI). Agarwal has more than 36 years of experience in Public Sector Undertakings (PSUs).
He has professional experience in financial management, financial planning, formulation of financial policy, financial accounting, management control systems, cash and funds management, tax planning, mobilization and management of resources, liaison with financial institutions and capital market.
He is the ex-officio chairman of the board of two wholly-owned subsidiary companies of REC Limited's REC Transmission Projects Company Limited & REC Power Distribution Company Limited since March 6, 2019. He is also Nominee Director on the Board of Indian Energy Exchange Limited (IEX), a listed Company.
REC Limited, formerly Rural Electrification Corporation Limited, is a Navratna PSU under the Ministry of power. The company finances and promotes rural electrification projects across India. The company provides loans to Central and State Sector Power Utilities, State Electricity Boards, Rural Electric Cooperatives, NGOs and Private Power Developers.