REC has signed an initial pact with PFC committing higher revenue from operations in FY24 and FY25, its CMD Vivek Kumar Dewangan said on Saturday.
The memorandum of understanding 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.
The Mou was signed on Friday between Dewangan and Parminder Chopra, CMD of Power Finance Corporation (PFC) in presence of other senior officials from of the companies, in Gurugram.
REC, under Ministry of Power, is a leading infrastructure finance company with a net worth of over Rs 57,000 crore as on March 31, 2023. It finances projects in the complete power sector value chain including generation, transmission and distribution.
Recently, the company has also diversified into 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.
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