SPV set to start work on new inter-state power transmission project in Maharashtra
The bidding process was carried out by REC Power Development and Consultancy Limited (RECPDCL), a wholly owned subsidiary of public sector finance giant REC Limited.
Leading Public sector Power Unit REC (Rural Electrification Corporation) secured 100 % of targets and milestones set by the Department of Public Enterprises—the only PSU that secured the perfect score among the 132 PSUs.
The Union Power Ministry claimed that the ‘Navratna’ PSU has been got the highest score of 100 for financial 2021(FY21) for the targets and milestones set by the Department of Public Enterprises, Ministry of Finance under the rigorous and aspirational ‘Memorandum of Understanding (MoU)’ framework prescribed for the Central Public Sector Enterprises (CPSEs).
The REC is the only CPSE to secure a Perfect score amongst the 123 CPSEs across 32 sectors including power, railways, steel, mines, heavy industries, petroleum, and defence, which were a part of the MoU evaluation exercise for FY21.
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The company had registered its highest ever Net Profit of Rs 8,362 crores in FY21, which was a 71% jump over the previous financial year. The Net Worth of the company also climbed by 24% to reach its highest ever at ₹43,426 crores as on March 31, 2021, said a senior officer of the Power Ministry.
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