State-owned REC Ltd on Monday said its Director Finance Ajeet Kumar Agarwal will continue to hold the additional charge of Chairman and Managing Director till his superannuation in March 2020.
REC, under the Ministry of Power, is a leading infrastructure finance company with a net worth of Rs 34,303 crore.
In line with the government's approval,"Ajeet Kumar Agarwal, Director (Finance), REC shall continue to hold additional charge of the post of Chairman and MD...for a further period 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," REC said in a BSE filing.
The company's business activities involve financing projects in the complete power sector value chain, be it generation, transmission or distribution.
It also provides financial assistance to state electricity boards, state governments, central/state power utilities, independent power producers, rural electric cooperatives and private sector utilities.
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