REC Limited, together with its subsidiaries, engages in the provision of financing services for power generation, transmission, distribution, infrastructure, and logistics projects in India. The company primarily offers long, medium, and short-terms loans; debt refinancing, equity financing, financing of equipment manufacturing for power sector and coal mines; policy for funding against regulatory assets, and revolving bill payment facility services; and letter of undertaking in lieu of bank guarantee, etc. It is also involved in the implementation of distribution system strengthening works, implementation of grid/off-grid solar (PV) projects, and installation of smart meters. In addition, the company acts as the bid process coordinator for selection of transmission service provider through tariff based competitive bidding process for independent inter-state and intra-state transmission projects. It serves government entities, independent power producers, and private sector borrowers. The company was formerly known as Rural Electrification Corporation Limited and changed its name to REC Limited in October 2018. The company was incorporated in 1969 and is based in Gurugram, India. REC Limited is a subsidiary of Power Finance Corporation Limited.