REC signs MoU with PFC, commits to improving revenue by 29.71 percent by FY25

New Delhi: REC Limited has signed a Memorandum of Understanding (MoU) with PFC, under which it has committed to boosting its revenue by 29.71 percent by FY25. “As per the MoU, REC is targeting for the Revenue from Operations of Rs. 46,935 crore in FY 2023-24 and Rs 56,322 crore in FY 2024-25,” said an official statement released by REC Limited on Saturday. The MoU has been signed as per the Department of Public Enterprises (DPE) Performance Evaluation System for FY24 and FY25 for Central Public Sector Enterprises. REC Limited had reported revenue of Rs 43,420 crore in FY 2022-23.

The MoU was signed on September 8 between REC Chairman and Managing Director (CMD) Vivek Kumar Dewangan and Parminder Chopra, CMD of Power Finance Corporation (PFC) in the presence of other senior officials of the companies in Gurugram.

REC, under Ministry of Power, is an 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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