New Delhi [India], April 2 (ANI): Rajesh Kumar has assumed charge as Director (Finance) at REC Limited on April 2.

On March 25, the Appointments Committee of the Cabinet (ACC) approved the proposal from the Ministry of Power for the appointment of Rajesh Kumar as Director (Finance) at REC Limited for a period of five years.

Rajesh 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, Rajesh Kumar served as the Executive Director (Finance) at REC Limited, where he played a pivotal role in the organization'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 mobilization.

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, demonstrating exceptional leadership across finance and resource mobilization. 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.

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 organization 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, reinforcing his role as a pillar of governance in the industry.

Rajesh Kumar's appointment comes at a significant juncture as REC undertakes restructuring 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 mobilization will be vital in achieving our long-term financial goals. (ANI)