REC inks pact with PFC promising stronger revenue in FY24 and FY25

11 Sep 2023 , 10:29 AM

According to REC’s CMD Vivek Kumar Dewangan, the company has entered into an initial agreement with PFC committing to higher revenue from operations in FY24 and FY25.

The memorandum of understanding was signed in accordance with the DPE (Department of Public Enterprises) Performance Evaluation System for Central Public Sector Enterprises for FY24 and FY25.

According to the agreement, REC is committed to increasing revenue from operations from Rs 43,420 crore in FY 2022-23 to Rs 46,935 crore in FY 2023-24 and Rs 56,322 crore in FY 2024-25.

The MoU was signed in Gurugram on Friday by Dewangan and Parminder Chopra, CMD of Power Finance Corporation (PFC), in the presence of other senior officials from both organizations.

REC is a prominent infrastructure finance company under the Ministry of Power, having a net worth of about Rs 57,000 crore as of March 31, 2023. It finances projects across the whole value chain of the electricity sector, including generation, transmission, and distribution.

Recently, the company has expanded into the non-power infrastructure and logistics sector, including areas such as airports, metro, railways, ports, bridges, and so on.

For feedback and suggestions, write to us at [e-mail]