After successfully electrifying rural India, the Rural Electrification Corporation (REC) has decided to spread its wings to wider geographies and even tap overseas business opportunities.

In a statement to the bourses, REC said, “With a view to effectively meet the challenges/competition and to harness the opportunities in power sector in India and abroad and to align the Objects Clause as per requirement of the Companies Act, 2013, the Board approved some amendments in the Objects Clause of Memorandum of Association of REC, subject to requisite approvals.”

Commenting on the decision, a REC official said: “The core objective of REC India does change; this will just allow us to explore new territories.”

The board also proposed changing the name of the company to suit its new national and international ambitions.

The statement said: “Considering that REC/RECL has become a brand name and is recognised by the public at large in India and abroad, the board approved the proposal for change in name of the company from Rural Electrification Corporation Limited to REC Limited.”

REC India is the nodal authority for the Centre’s village electrification drive that was covered under the Deen Dayal Upadhyay Gram Jyoti Yojna.

An industry observer said, “As the competition of village electrification nears, its natural progression for REC to expand to more territories.”

The board also recommended a final dividend of ₹1.75 per share for Financial Year 2017-2018.

The company’s standalone net profit fell to ₹834.79 crore in the quarter ended March 2018.

This is 36.72 per cent lower than the ₹1,319.23 crore net profit reported for the quarter ended March 2017.

REC’s total revenue in the March quarter declined to ₹5,665.03 crore from ₹5,980.58 crore a year ago.

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