REC Foundation commits ₹10 cr for disability assistance project
November 17, 2023 6:22 pm
November 17, 2023 6:22 pm
Collaboration with ALIMCO aims to empower 5,000 individuals with long-lasting assistive devices across 25 locations.
REC Foundation, the Corporate Social Responsibility arm of REC Limited, has formalised a Memorandum of Agreement (MoA) with the Artificial Limbs Manufacturing Corporation of India (ALIMCO). Under this collaborative initiative, REC commits financial assistance amounting to ₹10.00 crores for the execution of a project focused on the “Distribution of Aids and Assistive Devices to Persons with Disabilities” in 25 locations nationwide. Anticipated to benefit over 5,000 individuals from disadvantaged segments of society, the primary objective of this initiative is to empower Divyang Jan, instill confidence, and enhance their functional capabilities.
The assistive devices allocated through the project are designed for longevity and entail minimal maintenance. The capital costs associated with these aids are covered under the project, and recipients are expected to assume responsibility for their maintenance.
Established in 1969 under the Ministry of Power, REC Limited stands as a Maharatna Central Public Sector Enterprise. Functioning as a Non-Banking Finance Company, REC specialises in Power Sector Financing and Development across India. Its financial support extends to state electricity boards, central and state power utilities, state governments, independent power producers, rural electric cooperatives, and private sector utilities. REC’s business activities span financing projects across the entire power sector value chain, encompassing Generation, Transmission, Distribution, and Renewable Energy. The company’s financial backing contributes to illuminating every fourth bulb in India. In a recent strategic move, REC has diversified its portfolio to include financing in the infrastructure and logistics sector. As of now, REC boasts a loan book exceeding ₹4,74,275 Crores.
On the other hand, ALIMCO operates as a Schedule ‘C’ Miniratna Category II Central Public Sector Enterprise, under the administrative jurisdiction of the Department of Empowerment of Persons with Disabilities, Ministry of Social Justice & Empowerment, Government of India. Being wholly owned by the Government of India, ALIMCO’s core objectives revolve around promoting, encouraging, and developing the availability, use, supply, and distribution of Artificial Limbs and accessories at a reasonable cost. The beneficiaries include needy individuals, especially disabled Defense personnel, hospitals, and various welfare institutions. ALIMCO is dedicated to establishing facilities for the manufacturing of Artificial Limbs and accessories, fostering the overall well-being of individuals requiring such aids. Additionally, the corporation engages in business activities related to the manufacturing, buying, selling, importing, exporting, and dealing of Artificial Limbs and accessories.