New Delhi: In a significant development, REC Limited, a prominent Maharatna Central Public Sector Enterprise (CPSE) specializing in Power Sector Financing and Development in India, has entered into a Memorandum of Understanding (MoU) with PFC (Power Finance Corporation Limited) for the fiscal years 2023-24 and 2024-25. The signing ceremony took place on Friday, in accordance with the DPE (Department of Public Enterprises) Performance Evaluation System for CPSEs.

The MoU was inked by Vivek Kumar Dewangan, CMD of REC Limited, and Parminder Chopra, CMD of PFC, in the presence of directors and senior officials representing both organizations.

Under the terms of the MoU, REC Limited has set ambitious targets, aiming for a Revenue from Operations of Rs. 46,935 Crores for the financial year 2023-24 and Rs. 56,322 Crores for the financial year 2024-25.

Established in 1969, REC Limited has accumulated over 54 years of experience in the field of Power Sector Financing and Development. The organization plays a pivotal role by providing financial assistance across the entire power-sector value chain, encompassing projects related to Generation, Transmission & Distribution, and Renewable Energy. Furthermore, REC has recently expanded its reach into the non-power Infrastructure & Logistics sector, venturing into projects such as airports, metro systems, railways, ports, bridges, and more.

It's worth noting that PFC, another Maharatna CPSE, holds a majority share in REC Limited. Both REC and PFC operate under the administrative purview of the Ministry of Power, Government of India.

This MoU signifies the commitment of these two industry giants to furthering the development of the power sector in India and contributing to the nation's growth and progress in the years ahead. /BI/