Government Appoints Rajesh Kumar Agarwal as Nominee Director of PFC on REC Board

REC Ltd has appointed Rajesh Kumar Agarwal as Nominee Director of Power Finance Corporation (PFC) on its board following approval from the Ministry of Power. The appointment has taken effect from May 1, 2026, according to a stock exchange filing issued by the company.  

The filing stated that REC received communication from the ministry on May 6 through an office order approving the nomination.  

The appointment has been made under provisions linked to the Share Purchase Agreement signed between the President of India and PFC in March 2019.  

Finance Role at PFC 

Agarwal is currently Director (Finance) at PFC. REC said he would serve on the board as PFC’s nominee director.  

According to the filing, Agarwal has more than 31 years of experience across the power and financial sectors.  

He has been associated with PFC since 2009 and has worked in areas including corporate accounts, taxation, banking operations, fund management, and loan disbursement.  

The filing also referred to his work related to lending policy compliance, management of restructured assets, and financial reporting functions. REC said he has been involved in digital reform initiatives within the organisation.  

Experience Across Power Companies 

Before joining PFC, Agarwal worked with public sector companies such as NTPC, Nuclear Power Corporation of India Ltd (NPCIL) and Delhi Transco Ltd (DTL). His earlier assignments included tariff-related matters and power purchase agreement negotiations.  

The company said he also worked on implementation of reforms linked to the Ahluwalia Committee in the power sector. Agarwal holds a Bachelor of Commerce (Honours) degree and is a member of the Institute of Cost Accountants of India.  

Regulatory Filing 

The company further stated that, based on Agarwal’s declaration, he has not been barred from holding the position of director by SEBI or any other authority. 

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REC Ltd Share Price  

As of May 8, 2026, 1:25 pm, REC Ltd share price was trading at ₹360.00, up 0.07% from the previous closing price. 

Conclusion  

REC said the nomination of Rajesh Kumar Agarwal to its board was approved by the competent authority under the Ministry of Power earlier this month. 

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