IAS Jitendra Srivastava takes over as REC chief as co expands across infra | Company Business News

New Delhi: Jitendra Srivastava, a 2000 batch Indian Administrative Service (IAS) officer from the Bihar cadre, took over as chairman and managing director (CMD) of REC Ltd on Tuesday, the government-owned power finance company said in a statement.

On 18 April, the appointments committee of cabinet (ACC) approved the appointment of Srivastava as the new CMD of the Delhi-based company. This appointment has been made in the rank and pay of additional secretary to the government of India, under the ministry of power.

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Srivastava succeeds Vivek Kumar Dewangan, whose tenure at the helm ended last month.

REC noted that over the years, Srivastava has held several key administrative and leadership roles, both in the central government and the government of Bihar.

Earlier, he served as secretary to the government of Bihar in its Home Department and Public Health Engineering Department (PHED).

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In his career, he has held important assignments in sectors such as finance, power, education, public health and infrastructure. His deep understanding of grassroots governance, combined with his experience at the central level, makes him well-equipped to steer REC’s strategic objectives and support India’s growing power and energy needs, the company said.

He holds a B.A. (Honours) in Economics from Delhi University’s Hansraj College and an MBA (Finance) from Cochin University of Science and Technology.

The appointment comes at a time when REC is diversifying its operations across infrastructure projects apart from its focus areas of power and renewable energy. Earlier this month, REC entered into a memorandum of understanding with the Mumbai Metropolitan Region Development Authority to provide financial support of ₹1 trillion for infrastructure development in the Mumbai Metropolitan Region.

REC’s financials and stock performance

For the quarter ended December, REC reported a 15% year-on-year increase in its net profit to ₹11,574.25 crore. The company’s total revenue from operations in the December quarter was ₹41,033 crore, compared to ₹34,827.57 crore a year ago.

Shares of REC Ltd on the BSE closed at ₹440.25 apiece on Tuesday, down 0.55%.