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NTPC, PowerGrid, PFC & REC contributed 86% of Rs 925 cr to PM CARES fund

Four power PSUs have contributed a hefty 86% of the total Rs 925 crore contributed by CPSEs under the Power Ministry and MNRE to PM CARES fund

  • India’s largest power generation company NTPC Limited has pledged Rs 257.50 crore to PM CARES fund

  • NTPC is followed by PowerGrid, which has contributed a total of Rs 202.47 crore to the fund

New Delhi: Four power PSUs have contributed a hefty 86 percent of the total contribution of Rs 925 crore made by CPSEs under the Ministry of Power and MNRE (Ministry of New and Renewable Energy) to PM CARES fund. The two PSUs under the MNRE — SECI (Solar Energy Corporation of India) and IREDA (Indian Renewable Energy Development Authority) — have, on the other hand, contributed Rs 20 crore to the overall amount.

The 4 power PSUs that made hefty contribution to PM CARES fund

According to the data released by the government, India’s largest power generation company NTPC Limited has pledged Rs 257.50 crore to the government’s fund. Out of this, Rs 250 crore has been allotted under CSR, while Rs 7.5 crore has come as a contribution from employees from their salaries. NTPC is followed by PowerGrid, which has contributed a total of Rs 202.47 crore to the PM CARES fund. PowerGrid has committed Rs 200 crore, out of which Rs 130 crore has already been disbursed, from its CSR fund and the balance amount has been pledged by the PSU employees towards the fund. Next up is PFC (Power Finance Corporation) which has also committed Rs 200 crore from its CSR funds and Rs 18 lakh as a contribution from employees. PFC’s subsidiary REC (Rural Electrification Corporation) has pledged a total of Rs 150.15 crore to PM CARES fund, out of which Rs 150 crore has been allocated under CSR initiative and Rs 15 lakh has been pledged in the form of contribution from employees. Out of the four PSUs, while two are Maharatna — NTPC and PowerGrid — the other two are Navratnas — PFC and REC.

The backdrop

Union Minister of Power RK Singh had said in a tweet earlier that out of the promised Rs 925 crore, Rs 445 crore was deposited in the last few days of the previous fiscal year and the rest of the amount is expected to disbursed in the first week of April. He had written on Twitter, “We feel honoured to share that the Public Sector Undertakings of the Ministries of Power & MNRE have decided to contribute INR 925Cr to the  #PMCARES fund with 445Cr being deposited on 31st of March and remaining in the first week of April. Jai Hind.”