REC Limited signed an MoU with PFC as per the DPE Performance Evaluation System for FYs 2023-24 and 2024-25 for CPSEs on Friday.
REC CMD Vivek Kumar Dewangan signed the MoU for FYs 2023-24 and 2024-25 with PFC CMD Parminder Chopra in the presence of directors and other senior officials from both REC and PFC, a statement said.
As per the MoU, REC is targeting revenue from operations of Rs 46,935 crore in FY 2023-24 and Rs 56,322 crore 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.
It provides financial assistance to complete power sector value chain; for various types of projects including generation, transmission and distribution, and renewable energy.
Recently, REC has also diversified into 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.