New Delhi: Special secretary in the Power Ministry, B P Pandey, has been assigned the additional charge as the CMD of state-owned REC for 3 months.
“The Ministry of Power…Has assigned the additional charge of the post of Chairman and Managing Director, REC to B P Pandey, Special Secretary in the Ministry of Power w.E.F. October 1, 2016 for the period of 3 months i.E. October 1, 2016 to December 31, 2016 or until further orders, whichever is earlier,” Rural Electrification Corporation (REC) said in filing to BSE.
The Power Ministry vide order dated November 29, 2011 had appointed Rajeev Sharma as Chairman and Managing Director of REC for a period of 5 years or until further orders, whichever is earliest.
“Further, MoP, vide Order dated May 18, 2016 had conveyed the appointment of Shri Rajeev Sharma as CMD of Power Finance Corporation Limited (PFC) w.E.F. October 01, 2016. Accordingly, Shri Rajeev Sharma has relinquished the charge of CMD, REC to join PFC & ceased to be CMD of REC w.E.F. October 01, 2016,” the filing said.
The main objective of REC is to finance and promote rural electrification projects all over the country. It provides financial assistance to State Electricity Boards, State Government Departments and Rural Electric Cooperatives for rural electrification projects as are sponsored by them.
REC provides loan assistance to SEBs/State Power Utilities for investments in rural electrification schemes through its Corporate Office located at New Delhi and 20 field units, which are located in most of the States.