REC Limited, a leading non-banking financial company specializing in power sector financing and development, has signed a Memorandum of Understanding (MoU) with Power Finance Corporation (PFC) for the fiscal years 2023-24 and 2024-25.
The MoU was signed in accordance with the DPE Performance Evaluation System for CPSEs at REC Headquarters in Gurugram on September 9, 2023.
The signing ceremony was attended by senior officials from both REC and PFC, including Shri Vivek Kumar Dewangan, CMD of REC, and Smt. Parminder Chopra, CMD of PFC. The MoU outlines REC’s commitment to increasing its revenue from operations from Rs. 43,420 Cr in FY 2022-23 to Rs. 46,935 Cr in FY 2023-24. Established in 1969, REC Ltd. has completed over 54 years in the area of its operations.
It provides financial assistance for various types of power sector projects, including generation, transmission, distribution, and renewable energy. In addition, REC has recently diversified into the non-power infrastructure and logistics sector, covering areas such as airports, metro, railways, ports, and bridges. PFC, a Maharatna CPSE, has a majority shareholding in REC. Both REC and PFC are under the administrative control of the Ministry of Power, Govt. of India. This MoU is a significant step towards achieving the shared goals of these two leading companies in the power sector.
