Ajoy Choudhury Appointed as REC’s New Director Finance

State-owned power sector lender REC Ltd said that Ajoy Choudhury has been appointed as Director (Finance) on the company’s Board effective from today i.e. June 1, 2020.

Prior to this, Choudhury was handling the post of Executive Director (Finance) REC Ltd.

The state-owned lender notified through a regulatory filing that “Ajoy Choudhury… has been appointed as Director (Finance) on the Board of the REC Ltd w.e.f. June 1, 2020, till the date of his superannuation i.e. January 31, 2024, or until further order, whichever event occurs the earliest.”

The move came after Ajeet Kumar Agarwal Director (Finance), who was also holding additional charge of the post of Chairman & Managing Director of REC Ltd, has superannuated from the services of the company on May 31, 2020, and has ceased to be a Director on the Board and Key Managerial Personnel, of REC Ltd with effect from June 1, 2020, the company further said.

Choudhury was earlier working in a senior management position in REC and has handled a gamut of finance portfolios such as International Finance, Contracts Management, Loans & Recovery, Corporate Accounts, Resource Mobilisation and Treasury etc.

He has done B. Com (H) from Kirori Mal College, Delhi University and is also an Associate Member of the Institute of Cost & Management Accountants of India.

Also, he has been instrumental in the implementation of various systemic improvements, including the formulation of loan recovery guidelines, improving communication and services to customers and managing overall resources and treasury in REC.

Moreover, Choudhury has been a member of Core Team for implementation of ‘Ujwal Discom Assurance Yojana’ (UDAY), the flagship programme of Government of India (GoI), aimed at the turnaround of distribution companies (Discoms) in the Indian power sector.

Besides, he is also a Nominee Director on the Board of REC Power Distribution Company Ltd, a wholly-owned subsidiary of REC, and TRN Energy Pvt Ltd.

Prior to joining REC, Choudhury has an experience of working in reputed power sector PSUs like Power grid Corporation of India (PGCIL) and NHPC.

Buoyed by Choudhury’s appointment, shares of the company were closed at Rs 93.90 apiece, up 6.10 per cent, from the previous close on the exchange.

In April this year, the board members of REC Ltd provided their consent for a proposal to incorporate 7 project-specific special purpose vehicles (SPVs). These SPVs will facilitate the evacuation of renewable energy from Maharashtra, Madhya Pradesh, Karnataka and Rajasthan.