REC only CPSE to secure 100 marks in evaluation done by Finance ministry

New Delhi: State-owned Non-Banking Financial Company (NBFC) and a Navratna PSU enterprise Rural Electrification Corporation (REC) is the only CPSE to secure the perfect score of 100 among the 123 CPSEs across 32 sectors- including power, railways, steel, mines, heavy industries, petroleum, defence among others, which were a part of the MoU evaluation exercise for the current FY 21.

The targets and milestones were set by the Department of Public Enterprises of the Union Ministry of Finance under the rigorous and aspirational Memorandum of Understanding (MoU) framework prescribed for the Central Public Sector Enterprises (CPSEs), an official statement by the power ministry said on Tuesday.

Further, REC registered its highest ever Net Profit of Rs 8,362 crores in FY21, which was a 71 per cent jump over the previous financial year. The Net Worth of the company also climbed by 24 per cent to reach its highest ever at Rs. 43,426 crores as of March 31, 2021, the ministry claimed.

REC Limited is an NBFC focusing on Power Sector Financing and Development across India. It was established in 1969 and has completed over fifty years in the area of its operations.

It further provides financial assistance to state electricity boards, state governments, central or state power utilities, independent power producers, rural electric cooperatives and private sector utilities.