Vivek Kumar Dewangan, CMD, REC adds a crowning achievement! Rural Electrification Corporation (REC) has been accorded the status of a ‘Maharatna’ Central Public Sector Enterprise, thus giving it greater operational and financial autonomy. Dewangan in a statement credited this feat to REC’s adaptability, resilience and consistent performance even during the global pandemic. In FY22, REC made its highest ever net profit of Rs 100 billion and reached a net worth of Rs 509 billion, owing to its cost-effective resource management and strong financial policies. The Maharatna status allows the company to make equity investments and undertake mergers and acquisitions subject to a ceiling of 15 per cent of the net worth of the concerned CPSE. REC is a non-banking financial company focusing on the power sector financing and development across India. Congratulations indeed!
