REC signs MoU with PFC for FYs 2023-24 and 2024-25

REC signed a Memorandum of Understanding (MoU) with PFC as per the DPE performance evaluation system for FYs 2023-24 and 2024-25 for CPSEs. Vivek Kumar Dewangan, CMD, REC signed the MoU for FYs 2023-24 and 2024-25 with Parminder Chopra, CMD, PFC, in the presence of directors and other senior officials from both REC and PFC. As per the MoU, REC is targeting revenue from operations of Rs 469.35 billion in FY 2023-24 and Rs 563.22 billion in FY 2024-25.

REC, a Maharatna CPSE, is an NBFC focussing on power sector financing and development across India. Established in 1969, REC has completed over 54 years in the area of its operations. It provides financial assistance to complete the power-sector value chain for various types of projects including generation, transmission and distribution and renewable energy. Recently, REC has also diversified into the non-power infrastructure and logistics sector to cover areas such as airports, metro, railways, ports, bridges, etc. PFC, a Maharatna CPSE, has a majority shareholding in REC. Both REC and PFC are under the administrative control of the Ministry of Power, Government of India.