New Delhi: Ajoy Choudhury has assumed charge as Director (Finance) of REC Limited, a Navratna PSU owned by Power Finance Corporation Limited (PFC), indirectly under the administrative control of the Ministry of Power, on Monday. Prior to this assignment, he was serving as Executive Director (Finance) in the same organisation. With this, Choudhury has succeeded Ajeet Kumar Agarwal, REC Limited, upon his superannuation from the services of the company on May 31. Agarwal was also holding additional charge of the post of Chairman & Managing Director (CMD). Choudhury has been appointed on the post with effect from June 1, till the date of his superannuation, i.e. January 31, 2024, or until further orders, whichever is earlier.
Earlier, PSU Watch had reported that Choudhury was recommended for the post of Director (Finance) of REC Limited by a PESB panel. He was chosen for the post from a list of four candidates, who were interviewed by the selection panel.
Choudhury is B. Com graduate from Kirori Mal College, Delhi University. He is also an Associate Member of the Institute of Cost & Management Accountants of India (ICMAI). He joined REC on April 16, 2017. Earlier, he was earlier working in a senior management position in REC and has handled a gamut of finance portfolios such as international finance, contracts management, loans & recovery, corporate accounts, resource mobilization and treasury etc. He has been instrumental in implementation of various systemic improvements including the formulation of loan recovery guidelines, improving communication and services to customers and managing overall resources and treasury in REC in an efficient manner. He has been a member of the Core Team for implementation of 'Ujwal Discom Assurance Yojana' (UDAY) flagship programme of the government, aimed at the turnaround of discoms in the power sector.
Prior to joining REC, he was Chief Manager in Powergrid Corporation of India Limited (PGCIL) and Accounts Officer in NHPC Limited. Currently, he is also Nominee Director on the Board of REC Power Distribution Company Limited (a wholly owned subsidiary of REC) and TRN Energy Private Limited (on behalf of REC Limited).