REC - Rural Electrification Corporation granted Navratna status

Indian Government today granted a much awaited and coveted Navratna status to Rural Electrification Corporation. REC is the 16th public sector undertaking of the government of india to gain the navratna status.

Rural Electrification Corporation, REC is one of India’s leading Power Infrastructure company, which finances, promotes and helps in distribution of power projects. REC which recently went public recently saw its IPO subscribed 3 times of the issue size.

Navratna status grants REC the autonomy to make decisions of investing upto 1000 crores or 15 percent of its networth independently. This gives REC the autonomy required to operate independently administrative matters also.

Department of public enterprises (DPE), secretary R Bandophadhyay said REC's presence pan india with a sizeable network makes it a pioneer in Rural Electrification.