REC employees to have a Residential Complex in Gurugram

REC Limited, a Maharatna Central Public Sector Enterprise under the Ministry of Power, is coming up with a residential complex for its employees, situated in Gurugram. The Union Minister for Power and New & Renewable Energy R K Singh laid the foundation stone for the Residential Complex in Gurugram today, December 22, 2023. Addressing the employees of REC Limited and other officers and staff of the Ministry of Power and associated organizations, the Minister highlighted the important role REC plays in the growth of the power sector and of the nation, stating that the organization was instrumental in turning around the power sector and in making it viable. “Earlier, in 2017, the power sector was in doldrums. Outstanding dues of gencos were more than Rs. 1.4 lakh crores. Most discoms were heavily indebted and did not have money even for buying power or for maintaining the systems. You and I have turned it around, we have made the system viable.” The Minister said that viability of the system is an essential requirement for growth of the sector. “If we had not made the system viable, it would not have been possible to grow at 7.5%, since we cannot grow without power and no investment would have come into the sector given the condition it was in.” Singh said that having reached a certain level of viability, we need to further increase and improve it. “If the system remains viable, investments will come. Investments are required since if the economy is to grow at 7.5%, our power sector needs to grow at 8.5%. Every industry wants to have resources which are slightly in excess of current demand. If the peak demand today is 243 GW, then the contract demand will be in excess of 340 GW.” The Power Minister said that the contract demand will grow faster than the country’s economy and that so the power capacity has to grow at that rate, for which REC and PFC will have to make an important contribution. “REC and PFC are key to helping this growth. Can you imagine a power system as big as ours which grew at 9% last year and is still growing at same rate? In the present year, the rate of growth in terms of peak demand is almost around 10.5% - 11% and it will continue at this rate. Huge amount of funds will be necessary for capacity addition, part of which REC and PFC have to provide.” "This Residential Complex stands as a testament to our commitment to our employees' well-being," remarked Vivek Kumar Dewangan, CMD REC, highlighting the importance of fostering a supportive and nurturing community for its workforce. He further added, “The decision to invest in a township project goes beyond the realm of business, it is a commitment to building a sustainable and thriving community. As we witness the symbolic laying of this foundation stone, we are witnessing the birth of a vision that will shape the lives of many for generations to come.”