New Delhi: REC Limited has announced the appointment of Rajesh Kumar Agarwal, Director (Finance) at Power Finance Corporation (PFC), as the Nominee Director of PFC on the Board of REC Limited, effective May 1, 2026.
The development was disclosed through a regulatory filing submitted to the National Stock Exchange (NSE) and BSE on May 7, 2026.
Ministry of Power Approves Appointment
According to REC, the Ministry of Power, Government of India, conveyed approval for Agarwal’s nomination through an office order dated May 6, 2026.
The appointment has been made under the provisions of the Share Purchase Agreement signed between the President of India and Power Finance Corporation in March 2019.
The company also confirmed that Rajesh Kumar Agarwal is not debarred by SEBI or any other regulatory authority from holding the office of Director.
Rajesh Kumar Agarwal Brings Over 31 Years of Experience
Rajesh Kumar Agarwal has more than three decades of experience across the power and financial sectors.
He holds:
- Bachelor’s degree in Commerce (Honours)
- Membership of the Institute of Cost Accountants of India
Since joining PFC in 2009, he has handled several important functions including:
- Corporate accounts and taxation
- Fund management and banking
- Loan disbursement and restructuring
- Lending policy compliance
- Digital finance reforms
- Financial reporting systems
Strong Background in India’s Power Sector
Before joining Power Finance Corporation, Agarwal worked with major power sector organisations such as:
- NTPC Limited
- Nuclear Power Corporation of India Limited (NPCIL)
- Delhi Transco Limited (DTL)
During his career, he has been associated with tariff-related matters, power purchase agreements, finance operations, and power sector reforms.
Boost to REC’s Governance and Financial Expertise
Industry observers believe the appointment will further strengthen REC’s corporate governance structure and deepen coordination between REC and Power Finance Corporation in India’s power financing ecosystem.
The move also reflects continued efforts to reinforce leadership expertise in the country’s growing energy and infrastructure financing sector.
About REC Limited
REC Limited is a Maharatna Central Public Sector Enterprise under the Ministry of Power, Government of India. The company provides financial assistance for power generation, transmission, distribution, renewable energy, and infrastructure projects across India, playing a major role in the country’s energy development and electrification initiatives.
