New Delhi: Bihar Cadre 2000 Indian Administrative Services Agency (IAS) official Jitendra Srivastava took over as Chairman and Managing Director of Rec Ltd (CMD) on Tuesday.
On April 18, the Cabinet Appointment Committee (ACC) approved the appointment of Srivastava as the new CMD of the Delhi Company. This appointment is conducted under the Additional Secretary and Additional Secretary of the Department of Power.
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Srivastava inherited Vivek Kumar Dewangan, whose term ended last month.
Rec noted that over the years, Srivastava has held several key administrative and leadership positions in the central government and Bihar government.
Previously, he served as secretary of the Bihar government in his Ministry of Home Affairs and Public Health Engineering (PHED).
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During his career, he has worked on important tasks in the fields of finance, power, education, public health and infrastructure. The company said his deep understanding of grassroots governance, coupled with his experience at the central level, allowed him to achieve REC’s strategic goals well and support India’s growing power and energy needs.
He holds a Bachelor of Economics from Hans Raj College, Delhi University and an MBA (Financial) from Kochi University of Science and Technology.
The appointment is at a time when Rec diversifies its operations in cross-infrastructure projects, in addition to its focus on power and renewable energy sectors. Earlier this month, the REC Memorandum of Understanding with the Metropolitan Regional Development Authority of Mumbai to provide the right financial support ₹1 trillion yuan of infrastructure development in Mumbai metropolitan areas.
REC’s financial and stock performance
REC reported net profit up 15% year-on-year in the quarter ended December ₹1.157.425 billion. The company’s total revenue from operating in the December quarter is ₹410.33 million, compared to ₹34,82757 million a year ago.
Rec Ltd’s stock closed on BSE ₹Each 440.25 fell 0.55% on Tuesday.
