Rajesh Kumar assumes charge as Director (Finance) of REC Limited

New Delhi: Rajesh Kumar has assumed charge as Director (Finance) of REC Limited, the company said in a statement on Thursday. On March 25, the Appointments Committee of the Cabinet (ACC) had approved the proposal from the Ministry of Power for the appointment of Kumar as Director (Finance) at REC Limited for a period of five years.

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Kumar is a seasoned finance professional who brings over 30 years of extensive experience in the public sector, specifically in the power and infrastructure financing domains. He has multidimensional experience in accounts, taxation, audit, treasury, project appraisals, and regulatory compliances. He holds a Bachelor's degree in Commerce from Shri Ram College of Commerce, Delhi University, complemented by dual professional qualifications as a Chartered Accountant (CA) and Cost & Management Accountant (CMA).

Prior to this elevation, Kumar served as the Executive Director (Finance) at REC Limited, where he played a pivotal role in the organisation’s financial strategy and growth. His career is marked by a decade-long stint with a CPSE engaged in engineering and project consultancy, followed by over 20 years of dedicated service at REC Limited (under the Ministry of Power), developing deep expertise in power sector financing and resource mobilisation, said REC. Kumar has also served as Chief Executive Officer of REC Power Development and Consultancy Limited (RECPDCL), a wholly owned subsidiary, leading strategic initiatives across renewable energy, inter-state transmission projects, and smart metering.

"During his tenure at REC Ltd, Kumar has been instrumental in managing diverse and complex financial portfolios. He has been instrumental in transforming REC's domestic resource mobilisation strategy by introducing innovative bond structures including Tax-Efficient Hybrid Bonds, Perpetual Bonds with AAA rating, CBDT-notified Zero Coupon Bonds, and Capital Gain Bonds - consistently expanding the investor base and achieving meaningful reductions in the overall cost of borrowings. He has also provided strategic oversight across multilateral funding, asset liability management, ESG projects, and IT transformation within the organisation," said the statement.

"His knack for innovation led to the structuring of innovative bonds and the initiation of new business policies that enhanced the company's financial standing. Additionally, he has also supported the organisation in addressing complex tax matters resulting in savings to the corporation. Beyond internal operations, he has contributed to broader sectoral stability by representing REC as a Board Member of various DISCOMs and Transmission Companies," said REC.

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Kumar’s appointment comes at a significant juncture as REC undertakes restructuring and merger with Power Finance Corporation (PFC), aimed at achieving scale and efficiency within the public sector NBFCs. "As the corporation navigates through this phase of consolidation while continuing to lead the financing of India’s energy transition and infrastructure development, his profound expertise in strategic investments and resource mobilisation will be vital in achieving our long-term financial goals," said REC.

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