CMD Vivek Kumar Dewangan said on Saturday, that REC has signed an initial pact with PFC committing higher revenue from operations in FY24 and FY25.
The memorandum of understanding (MoU) has been signed as per the DPE (Department of Public Enterprises) Performance Evaluation System for FY24 and FY25 for Central Public Sector Enterprises, Dewangan told PTI.
“As per the MoU, REC is committed to improving the revenue from operations from Rs 43,420 crore targeted in FY 2022-23 to Rs 46,935 crore in FY 2023-24 and Rs 56,322 crore in FY 2024-25,” he said.
On Friday between Dewangan and Parminder Chopra, the MoU was signed, by the CMD of Power Finance Corporation (PFC) in the presence of other senior officials from the companies, in Gurugram.
Leading infrastructure finance corporation REC, which is part of the Ministry of Power, had a net worth of more than Rs 57,000 crore as of March 31, 2023. It provides funding for initiatives across the whole value chain of the power industry, including generation, transmission, and distribution.
Recently, the company has also diversified into the non-power infrastructure & logistics sector to cover areas such as airports, metro, railways, ports, bridges, etc.
PFC, another power PSU, is a majority shareholder in REC.
On Monday at 12.35 p.m., shares of the REC were trading 0.9% up at Rs. 272.65, on the same day shares of PFC were trading 0.2% up at Rs. 305.85 on NSE.
