M.L. Kumawat, executive director (finance), REC Limited, oversees the company’s $18 billion foreign currency borrowing portfolio, managing fundraising, derivatives, compliance, accounting, taxation and currency risk strategies. He also leads investor relations, representing REC in domestic and international roadshows and earnings calls, and heads corporate accounts and taxation, covering financial statements, budgeting and audits. Over his nearly 20-year tenure, he has contributed across internal audit, resource mobilisation, corporate governance, financial concurrence and corporate planning. He previously led REC’s Project Office for the Union Territories of Jammu & Kashmir and Ladakh, and currently serves on the board of REC Power Distribution Company Limited and as REC’s nominee director on the board of Jodhpur Vidyut Vitran Nigam Limited. Before REC, he worked with the Ministry of Corporate Affairs as an Indian Corporate Law Service officer, as well as with MMTC Limited and Rajasthan Gases Limited.
He notes that India’s power sector is undergoing rapid transformation, driven by strong economic growth and a balanced shift towards sustainability. As of August 2025, India’s installed capacity stands at 490 GW, with more than half coming from non-fossil sources.
Investor sentiment remains robust, with power sector investment needs expected to reach $541 billion over the next five to seven years. REC is well positioned to support this expansion across generation, transmission and distribution, focusing on financing the clean energy transition along with crucial infrastructure upgrades.
Kumawat has played a key role in major initiatives such as REC’s IPO and FPO, bonus share issuance, CSR fund management, and regulatory and statutory audits. He was instrumental in enabling REC to raise its highest-ever international funding in 2024-25 – Rs 745.57 billion across loans, bonds, foreign currency non-resident (B) loans and official development assistance facilities. He has also overseen the incorporation and governance of 52 special purpose vehicle (SPVs) with project values exceeding Rs 685 billion and 23 SPV managing transmission projects worth Rs 739 billion.
His management style is situational and coaching-oriented, rooted in the principle “Lead by Vision, Manage by Exception”, empowering teams through clear goals and trust. A commerce graduate, he is an associate member of the Institute of Chartered Accountants of India and Institute of Company Secretaries of India, and holds an MBA in Finance from the R.A. Podar Institute of Management.