REC appoints Jitendra Srivastava as chairman & MD

REC announced that the appointments committee of the cabinet (ACC) has approved the appointment of Jitendra Srivastava as the new chairman and managing director (CMD) of REC, under the Ministry of Power.

Srivastava steps into the role with the rank and pay of additional secretary to the government of India. Prior to this appointment, Jitendra was serving as joint secretary in the Department of Drinking Water and Sanitation, Ministry of Jal Shakti.

Srivastava takes over from Parminder Chopra, CMD of Power Finance Corporation (PFC), who had been holding additional charge of REC CMD following the departure of Vivek Kumar Dewangan (IAS, Manipur 1993).

Jitendra Srivastava is an IAS officer (not applicable) from the Bihar Cadre (2000 Batch) and is a seasoned civil servant with over two decades of distinguished service. Over the years, he has held several key administrative and leadership roles across the Government of India and the Government of Bihar.

Jitendra holds a B.A. (Hons) in Economics from Delhi University's Hansraj College and an MBA (Finance) from Cochin University of Science and Technology.

REC is a 'Maharatna' company under the administrative control of the Ministry of Power, Government of India, and is registered with RBI as a Non-Banking Finance Company (NBFC), Public Financial Institution (PFI), and Infrastructure Financing Company (IFC).

The companys consolidated net profit jumped 23.2% to Rs 4076.35 crore in Q3 FY25 as compared with Rs 3308.42 crore in Q3 FY24. Total income increased 18.4% YoY to Rs 14,286.91 crore during the quarter ended 31st December 2024.

The scrip shed 0.33% to Rs 441.25 on the BSE.

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