REC Limited has signed an MoU with Power Finance Corporation Ltd. (PFC) on 29th November 2022, as per the DPE Performance Evaluation System for FY 2022-23 for CPSEs. Vivek Kumar Dewangan, CMD, REC signed the MoU with Ravinder Singh Dhillon, CMD, PFC in the presence of Ajoy Choudhury, Director (Finance), REC; V.K. Singh, Director (Technical), REC; Manoj Sharma, Director (Commercial), PFC; R.R. Jha, Director (Projects), PFC; T.S.C. Bosh, Executive Director, REC and other senior officials from REC and PFC.
Established in 1969, REC Limited is an NBFC focusing on Power Sector Financing and Development across India. The company provides financial assistance to state electricity boards, state governments, central/state power utilities, independent power producers, rural electric cooperatives and private sector utilities. Its business activities involve financing projects in the complete power sector value chain; for various types of projects including Generation, Transmission, Distribution and Renewable Energy. Recently, REC has also diversified into non-power infrastructure & logistics sector to cover areas such as airports, metro, railways, ports, bridges, etc.
Incorporated on July 16th, 1986, PFC Ltd. is a Schedule-A Maharatna CPSE, and is a leading Non-Banking Financial Corporation in the country. PFC’s registered office is located at New Delhi and regional offices are located at Mumbai and Chennai. PFC functions under the administrative control of the Ministry of Power. This was conferred the title of a ‘Maharatna CPSE’ in Oct., 2021, and was classified as an Infrastructure Finance Company by the RBI on 28th July, 2010.
