Union Cabinet gives nod to rename SECI as Renewable Energy Corporation of India

Union Cabinet has given nod to rename Solar Energy Corporation of India (SECI) as the Renewable Energy Corporation of India (RECI).
Apart from this decision, Union Cabinet also gave approval to SECI to convert into Section 3 Company by applying to the Registrar of Companies (ROC) from a Section 8 Company under the Companies Act, 2013.
This decision will help SECI or renamed entity RECI

• To be a self-sustaining and self-generating organisation.
• Engage in owning solar power plants for generating and selling power.
• Engage in various other segments of solar sector activities including manufacturing of solar products and materials.

Background
This decision was taken after Union Government had decided to enlarge the scope of SECI to cover all renewable energy sources. It was decided in order to provide optimized and comprehensive solutions for generation of renewable energy and integrating various renewable energy sources.

About Solar Energy Corporation of India (SECI)

• SECI is a not-for-profit company under Section-25 of the Companies Act 1956.
• Established: 2011 as a facilitation and implementation institution dedicated to Solar Energy sector.
• Operates under: the aegis of Union Ministry of New and Renewable Energy,
• Objective: To develop Solar Technologies and ensuring inclusive solar power development throughout India.
• Functions: Facilitate implementation of Jawaharlal Nehru National Solar Mission (JNNSM) and achieve the targets set therein.

Month: Current Affairs - June, 2015