The acquisition follows in-principle approval from the Cabinet Committee on Economic Affairs (CCEA). After the transaction, PFC and REC operate as holding and subsidiary companies, respectively. 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).

In the filing, PFC also said its board noted the Union Budget 2026–27 announcement on restructuring public sector non-banking financial companies (NBFCs). The Budget, presented on February 1, outlined the government’s approach to sector consolidation. “The vision for NBFCs for Viksit Bharat has been outlined with clear targets for credit disbursement and technology adoption. In order to achieve scale and improve efficiency in the Public Sector NBFCs, as a first step, it is proposed to restructure the Power Finance Corporation and Rural Electrification Corporation,” Union Finance Minister Nirmala Sitharaman had said during her budget speech.

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REC Limited, a Maharatna Central Public Sector Enterprise under the administrative control of Ministry of Power and a leading NBFC, has achieved an ‘Excellent’ MoU Rating for the financial year 2024–25, signed with the Holding company (i.e. Power Finance Corporation Limited). This rating is awarded by Department of Public Enterprises (“DPE”), Ministry of Finance, as per prescribed guidelines in this regard. This feat marks REC’s third consecutive year of achieving the ‘Excellent’ rating, underscoring its sustained operational and financial leadership.

The MoU framework is designed by Government of India to evaluate the performance of CPSEs s to assess their efficacy towards fulfilment of core objectives for which these have been constituted & aims to shift focus from effort-based assessments to actual economic performance, aligning with government priorities and shareholder interests. These parameters are carefully benchmarked against past performance, future projections, sectoral standards, and the vision of the administrative ministry i.e Ministry of Power.

The assessment highlights REC Limited’s robust financial health and superior asset quality. The evaluation was driven by several key operational pillars, including sustained financial performance, high operational efficiency, strong market competitiveness and ethical corporate conduct.

Further, DPE carries out annual exercise of Public Enterprise Survey wherein a summary of the financial performance of Central Public Sector Enterprises is captured. For FY 2024-25 report has been published by DPE and REC has achieved commendable position across various financial parameters as depicted, which reinstate our commitment for operational and financial performance.

With this validation of consistent performance, REC Limited continues to consolidate its position as a premier financier in the power sector, playing a pivotal role in strengthening India’s power infrastructure and supporting sustainable economic growth.

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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.

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Apraava Energy team receives national recognition from the Ministry of Power for its AI-ML solution at the National Conference on the Use of AI and ML in the Power Distribution Sector, presented by Hon’ble Union Minister Shri Manohar Lal Khattar.

Mumbai, December 15, 2025: Apraava Energy, India’s leading integrated energy solutions provider, has received national recognition for its pioneering Artificial Intelligence (AI) and Machine Learning (ML) solution aimed at building data-driven, consumer-centric, and future-ready energy solutions for India. The recognition was conferred at the Ministry of Power’s ‘National Conference on the Use of AI and ML in the Power Distribution Sector’ under the Revamped Distribution Sector Scheme (RDSS). The two-day conference demonstrated cutting-edge use cases to drive innovation, improve operational efficiencies, and enhance consumer satisfaction across DISCOMs in India. The runner-up award was presented to the Apraava Energy team by the Hon’ble Union Minister for Power and Housing and Urban Affairs, Shri Manohar Lal Khattar.

Nearly 200 solutions were presented by the DISCOMs, AMISPs (Advanced Metering Infrastructure Service Providers), Technology Solution Providers (TSPs) and Home Automation Solution Providers (HASPs). Under the AMISP category, Apraava Energy showcased its solution, Discom GPT (Grid.), developed in partnership with WorkOnGrid. The next-generation solution demonstrated how behavioural demand response and AI-based operational automation can meaningfully enhance consumer experience while improving power grid efficiency. By integrating generative AI, advanced machine learning and a robust data architecture, Grid. unlocks new levels of value, efficiency and reliability in the power distribution sector, setting the course for smarter decisions, agile responses and transformative change across India’s evolving digital energy landscape.

Rajiv Ranjan Mishra, Managing Director, Apraava Energy, said, “Grid. represents Apraava’s effort to reimagine the future of power distribution for India. It is not merely a technology upgrade but a bold step towards embedding AI and machine learning deeply into power utility operations. Through this initiative, our mission is to improve grid reliability, operational efficiency, and customer satisfaction. We are delighted by the recognition and appreciation received from the Ministry of Power for our solution. Apraava remains committed to delivering reliable and affordable energy solutions to the nation, with a focus on innovation and sustainability.”

Through Grid., Apraava demonstrated how utilities can:

• Segment consumers to enable targeted interventions and effective demand-side management
• Predict transformer faults using anomaly detection, enabling proactive maintenance
• Forecast demand more accurately through deep learning models to support improved load planning
• Automate operational workflows, delivering instant insights and decision-making support

Apraava offers a comprehensive, end-to-end AMI solution and is well placed to accelerate the smart metering adoption in the country under the RDSS. Its AMI footprint spans across several states with a target of installing around 7.8 million smart meters.

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The recognition comes as part of the Ministry’s initiative to spotlight cutting-edge AI/ML-driven innovations that are shaping the future of India’s power distribution sector. Out of 195 applications received from DISCOMs, AMISPs, technology providers, and home automation companies, only 51 solutions were shortlisted for detailed evaluation. Tata Power EZ Home distinguished itself by integrating Home Automation with Smart Meters through an AI/ML-based data analytics, and demonstrating consumer-centric home automation ecosystem that enhances convenience, safety, and energy efficiency for Indian households.

EZ Home’s offerings include a comprehensive range of Wi-Fi enabled smart switches, sensors, retrofittable modules, universal IR controllers, and smart plugs that integrate seamlessly with existing home wiring. Through the intuitive EZ Home app and voice assistant compatibility, users can monitor their appliance-level consumption, automate daily routines, control devices remotely, and gain intelligent insights that help optimise their electricity usage. Built with advanced AI/ML capabilities, the solution empowers consumers to make smarter energy decisions while also improving grid-interaction efficiency in the long run.

The entries were evaluated by a distinguished jury comprising representatives from NPTI, Google India, Microsoft India, Meta India, and SARVAM, who appreciated EZ Home’s scalable design, energy-intelligent features, and potential to make smart home technologies accessible to a wider consumer base.

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The award was received on behalf of the Ministry by Shri Ajay Kumar Agrawal, Director, Ministry of Power, accompanied by officials from Power Finance Corporation (PFC). Their presence marked the collective effort behind the pavilion’s success.

As the Nodal Agency for the Power Pavilion, PFC played a pivotal role in conceptualising, designing, and delivering an immersive experience that captured the transformation and technological advancements of the power sector. From interactive modules to informative displays, the pavilion effectively connected with diverse visitors, drawing appreciation from industry representatives and the general public alike.

This recognition marks a proud moment for the Ministry of Power and PFC, celebrating teamwork, innovation, and the power of collaboration in presenting India’s energy progress on a national platform.

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The IES initiative, which is envisioned as the unified, secure, and interoperable digital backbone for the entire energy value chain, is being advanced with REC Limited as the Nodal Agency and FSR Global as the Knowledge Partner.

The focus of today’s meeting was the collective review and strategic discussion on the two core foundational elements of the initiative: the draft IES Strategy Document (version 0.1) and the IES Architecture Document (version 0.1).

The Taskforce—comprising domain experts from technology, the power sector, and regulatory bodies—engaged in an in-depth roundtable discussion following the presentations of the documents. The objective of the dialogue was to capture high-level strategic guidance from all members.

The meeting was attended by Taskforce Chairman Dr. Ram Sewak Sharma (Former DG of UIDAI, Former CEO, National Health Authority (NHA)); Chief Architect Sh. Pramod Verma (Co-founder, FIDE; former Chief Architect, Aadhaar); Vice Chair Sh. Pradeep Kumar Pujari (Distinguished Fellow, FSR Global; Former Chairman CERC, Former Secretary Power); and members including Sh. Ghanshyam Prasad (Chairperson, CEA); Sh. Alok Kumar (DG, AIDA); Sh. Jitendra Srivastava (CMD, REC Limited); Sh. S. K. Soonee (Former CMD, Grid India); Sh. Vikram Gandotra (President Elect, IEEMA); Ms. Swetha Ravi Kumar (Executive Director, FSR Global); Sh. Sujith Nair (CEO, FIDE); Sh. Prince Dhawan (ED, REC Limited); Sh. Raveesh Gupta (MD, PVVNL); Sh. Debjani Ghosh (Distinguished Fellow, NITI Aayog); and Sh. Shashank Mishra (Joint Secretary (Distribution), MoP), among others.

Shri Jitendra Srivastava, CMD, REC Limited (Nodal Agency for IES), said, “Today’s meeting is a pivotal milestone in our shared national ambition to create a unified, open, and future-ready digital backbone for India’s entire energy sector. The IES Strategy and Architecture documents are vital frameworks that will be enriched by the collective wisdom and guidance of our esteemed Taskforce members. The inputs received will help consolidate the framework and shape the pathway toward refinement and the pilot phase.”

The India Energy Stack, defined as a DPI, aims to identify and connect stakeholders and assets, and facilitate open data exchange through uniform specifications and standards, thereby unlocking transparent, reliable, inclusive, efficient, and affordable energy access. By establishing common digital protocols, open APIs, and federated registries, IES will bridge existing silos, enable real-time data exchange, and foster innovation, ultimately unlocking operational efficiency for DISCOMs, accelerating the integration of renewable energy, supporting green energy markets, and delivering consumer-centric power services. The Members articulated that what Aadhaar did for identity and UPI achieved for digital payments, the IES will accomplish for the power sector.

The guidance and inputs received from the Taskforce members in this meeting will be instrumental in consolidating the foundational framework and shaping the subsequent steps, including the refinement of the documents and the commencement of the initiative’s pilot phase. The Taskforce meetings will now be held on a monthly basis to ensure timely progress and alignment of the project.

The India Energy Stack (IES) project is scheduled to be completed by July 2026.

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M/s Power Grid Corporation of India Limited emerged as the successful bidder through Tariff-Based Competitive Bidding (TBCB) process conducted by RECPDCL, the Bid Process Coordinator, for development of the transmission project on Build, Own, Operate & Transfer (BOOT) basis.

The SPV was handed over by Shri Saurabh Rastogi, CEO, RECPDCL to Sh. Satyaprakash Dash, Company Secretary, Power Grid Corporation of India Limited in the presence of Senior Officials of RECPDCL, Power Grid Corporation of India Limited and Central Transmission Utility of India Limited. The implementation period of the project is 24 months.

The scheme covers establishment of Parli New (Maharashtra) – Bidar (Karnataka) 765 kV Double Circuit line of around 109 km.

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