Following the Essor (Acquisition of Undertakings in India) Act passed by Parliament, the Government of India took over the refinery and marketing operations of Esso Eastern Inc. on this day in 1974. These operations were merged with Lube India Limited to officially birth HPCL.

Over more than five decades, HPCL transitioned from a private multinational setup to a proud Maharatna CPSE. Today, it commands over 19% of India’s petroleum marketing share and operates massive refining setups in Mumbai and Visakhapatnam.

New Delhi: REC Limited, a Maharatna CPSE under the Ministry of Power and a leading Infrastructure Financing NBFC, has successfully renewed its ISO 31000:2018 Letter of Recognition for Risk Management Guidelines following a comprehensive reassessment conducted by the British Standards Institution (BSI). The renewed recognition reaffirms REC’s commitment to maintaining globally benchmarked risk management practices and strengthening organizational resilience in an evolving business environment.

The reassessment exercise was undertaken by REC’s Risk Management Division to evaluate and enhance the organization’s Enterprise Risk Management (ERM) framework in line with evolving regulatory requirements, emerging business risks, industry best practices, and changing market dynamics. Following an extensive audit and evaluation process, BSI renewed REC’s Letter of Recognition for compliance with the principles and guidelines prescribed under ISO 31000:2018.

ISO 31000:2018 is an internationally recognized standard that provides principles, framework, and guidelines for effective risk management. It enables organizations to systematically identify, assess, monitor, and mitigate risks, thereby enhancing decision-making, improving governance, strengthening resilience, and supporting long-term sustainable growth.

REC had earlier achieved a significant milestone by becoming the first Indian Public Sector NBFC to receive recognition from BSI for compliance with ISO 31000:2018 Risk Management Guidelines in July 2025, demonstrating its pioneering approach towards institutionalizing a robust and enterprise-wide risk management culture.

The MoUs were signed during the Destination Tripura Business Conclave 2026, reflecting REC’s continued commitment to enabling sustainable development and strengthening power infrastructure in the Northeast.

Under the first MoU, REC Limited has partnered with the Tripura Renewable Energy Development Agency (TREDA), through the Department of Power, Government of Tripura, to provide financial assistance for renewable energy projects worth up to ₹5,000 crore. The agreement was signed by Sh. Subhendu Roy, Chief Program Manager, REC Regional Office, Guwahati, and Sh. D. S. Das, Director General (In-charge), TREDA.

As the nodal agency for renewable energy development in Tripura, TREDA will facilitate the implementation of renewable power projects across the state, while REC Limited will provide financial support to enable investments in the green energy sector. The partnership is expected to accelerate clean energy adoption, unlock Tripura’s renewable energy potential, and contribute significantly to the region’s sustainable development.

Further strengthening its partnership with the state, REC Limited also signed an MoU with the Department of Power, Government of Tripura, through the Tripura State Electricity Corporation Limited (TSECL), to support power sector projects worth ₹10,000 crore.

The signing ceremony was graced by Sh. Ratan Lal Nath, Hon’ble Minister of Power, Government of Tripura. The MoU was signed by Sh. Subhendu Roy, Chief Program Manager, REC Regional Office, Guwahati, and Sh. Biswajit Basu, Managing Director, TSECL.

The ₹10,000 crore partnership aims to facilitate financing for key power sector initiatives in the state, contributing to the expansion and modernization of Tripura’s power infrastructure while ensuring reliable and sustainable electricity access for its citizens.

To further spread the message of cleanliness and civic responsibility, POWERGRID organized a *Nukkad Natak* (street play) to engage the public and create awareness about sanitation and environmental stewardship. The observance reflects the organization’s broader commitment to sustainable development and community participation. As of 30 May 2026, POWERGRID operates 291 substations, over 185,102 circuit kilometres of transmission lines, and 628,516 MVA of transformation capacity. Leveraging advanced technologies, automation, and digital solutions, the company continues to maintain an average transmission system availability of more than 99.78%, underscoring its leadership in India’s power transmission sector.

The award was received on behalf of REC Limited by Shri Awanish Kumar Bharati, General Manager (Finance).

This recognition marks REC’s third ESG-related accolade in 2025, underscoring the organisation’s sustained commitment to environmental stewardship, responsible governance, and long-term sustainable growth. The award acknowledges REC’s strategic initiatives and measurable progress in aligning its operations and financing portfolio with India’s net-zero and climate transition goals.

REC Limited has emerged as a key enabler of India’s clean energy ambitions by proactively supporting projects across renewable energy, green infrastructure, and sustainable power systems. Through a strong ESG framework and responsible financing practices, REC continues to go beyond its role as a lender—positioning itself as a catalyst for transformative change in the power and infrastructure sector.

The Memorandum of Agreement (MoA) formalizing this noble endeavour was signed between Ms. Taruna Gupta, Executive Director, CSR at REC Limited, and Shri Vivek Gaur, Trustee of Sri Sathya Sai Health and Education Trust. The agreement was exchanged in the esteemed presence of Shri Vivek Kumar Dewangan, Chairman and Managing Director, REC Limited.

This initiative is a continuation of REC’s previous CSR initiative, ‘Healing Little Hearts’, where Rs.15 crore was allocated to treat 1,000 children. The success of the initial project provided these children with a new lease on life, has Inspired REC to extend its support for second consecutive year to even more families in need.