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

New Delhi:

REC Limited signed an MoU with PFC under 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 of both REC and PFC, a statement said.

As per the MoU, REC targets 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 focused on power sector financing and development across India.

Established in 1969, REC Ltd. have completed over 54 years.

It provides financial assistance to complete the value chain in the power sector; 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 like airports, metro, railways, ports, bridges, etc.

PFC, a Maharatna CPSE, holds a majority stake in REC. Both REC and PFC are under the administrative control of the Ministry of Power.

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