REC has supported CSR projects in various thematic areas as per its CSR Policy and spent a total amount of Rs. 171.07 crore
New Delhi: REC Ltd. has signed a Memorandum of Understanding (MoU) with the sports ministry, contributing Rs. 100 crores towards the government’s National Sports Development Fund (NSDF) as part of its Corporate Social Responsibility (CSR).
REC Limited (formerly Rural Electrification Corporation Limited) is a Navratna company under the administrative control of the Ministry of Power.
“REC Limited, under its CSR initiative has committed a sum of Rs. 100 crores for the development of sports in India.”, the company said.
The funds will assist sports persons to excel in their respective field by providing opportunities to train under coaches of international repute with technical, scientific and psychological support and also in getting exposure to international competitions.
The MoU in this regard was signed between REC and National Sports Development Fund (NSDF). The Minister of Youth Affairs and Sports of India Anurag Thakur and Vivek Kumar Dewangan, CMD – REC Limited signed the MoU. The initiative aims to promote Boxing, Women Hockey and Athletics and any other sport as mutually agreed upon by both parties.
The funds will assist sportspeople excel in their respective fields by providing them with opportunities to train under coaches of international repute with technical, scientific and psychological support and also in getting exposure to international competitions.
The initiative aims to promote boxing, women’s hockey, and athletics and any other sport as mutually agreed upon by both parties, the company said.
During the financial year 2021-22, REC has supported CSR projects in various thematic areas as per its CSR Policy and spent a total amount of Rs. 171.07 crore, which is above the minimum limit prescribed under the Companies Act, 2013, the company annual report revealed.
The Company undertakes its CSR activities through ‘REC Foundation’, a not-for-profit society.
The total amount of CSR projects sanctioned during the financial year 2021-22 aggregated to Rs. 307.17 crore, which included projects in the fields of health care (including for elderly and divyang persons), safe drinking water and sanitation facilities, employment enhancing vocational skills, education, environmental sustainability, rural development projects etc.
The disbursement towards CSR projects is linked with the achievement of predefined milestones and deliverables. The implementation of CSR projects is done in project mode with baseline survey, specific project time frame, identified milestones, periodic monitoring and impact assessment.
