REC Signs MoU With PFC for Financial Years 2023-24 and 2024-25

REC Limited signed MoU with PFC as per the DPE Performance Evaluation System for FYs 2023-24 and 2024-25 for CPSEs on Friday 08th September 2023. CMD, REC Shri Vivek Kumar Dewangan signed the MoU for the FYs 2023-24 and 2024-25 with CMD, PFC Smt. Parminder Chopra in the presence of Directors and other senior officials from both REC & PFC.

As per the MoU, REC is targeting for the Revenue from Operations of Rs. 46,935 Cr in FY 2023-24 and Rs 56,322 Cr in FY 2024-25. REC Limited, a Maharatna CPSE, is an NBFC focusing on Power Sector Financing and Development across India. Established in 1969, REC Ltd. has completed over 54 years in the area of its operations. REC Pegged To Be the Leader in India’s Energy Transition Journey; Being Considered for DFI Status by Government of India.

It provides financial assistance to complete power-sector value chain; for various types of projects including Generation, Transmission & Distribution and Renewable Energy. Recently, REC has also diversified into non-power Infrastructure & Logistics sector to cover areas such as airports, metro, railways, ports, bridges, etc. Arunachal Pradesh Govt Undertakes 50 Micro Hydel Projects To Supply Power to International Border Areas With China and Myanmar.

PFC, a Maharatna CPSE, has a majority shareholding in REC. Both REC and PFC are under administrative control of the Ministry of Power, Govt. of India.