REC has-been accorded the condition of ‘Maharatna Central Public Sector Enterprise’ and a purchase to the impact ended up being given on Wednesday because of the Ministry of Finance. In 2021-22, REC made its highest-ever web revenue of Rs 10,046 crore and achieved a web well worth of Rs 50,986 crore.
“REC has played a key role in the success of the flagship schemes of the Government of India such as DDUGJY and SAUBHAGYA and has contributed towards achieving village and household electrification in the country,” stated Vivek Kumar Dewangan, president and handling manager of REC.
He included that REC attained this task due to its adaptability, strength and constant overall performance also during international COVID-19 pandemic. In FY22, REC made its highest-ever web revenue of Rs 10,046 crore and achieved a net well worth of Rs 50,986 crore, due to its economical resource administration and powerful monetary guidelines.
“REC happens to be playing the part of nodal company for Revamped Distribution Sector Scheme (RDSS), for revamping the circulation industry to ease the monetary & working problems. We thank our stakeholders who possess put their particular rely upon the business, and particularly our staff members who possess provided their particular unwavering help for more than five years of your functions. We present our heartfelt appreciation on Ministry of Power whoever assistance and help have already been input causeing the success feasible,” Dewangan stated.
What Does ‘Maharatna’ Status Mean For REC?
The ‘Maharatna’ condition will provide REC better working and monetary autonomy, the business stated in a statement. “The grant of ‘Maharatna’ condition to REC will give improved capabilities on organization’s board while using monetary choices.”
After the ‘Maharatna’ condition, the board of a ‘Maharatna’ CPSE will make equity assets to try monetary combined endeavors and wholly-owned subsidiaries and undertake mergers and purchases in India and overseas, susceptible to a ceiling of 15 % regarding the web well worth regarding the worried CPSE, limited by Rs 5,000 crore in a single task.
The board may also design and apply systems linked to workers and real human resource administration and instruction. They may also enter technology combined endeavors or any other strategic alliances amongst others.
About REC Ltd
Incorporated in 1969, REC is a non-banking monetary business (NBFC) concentrating on energy industry funding and development across India. It has actually finished over 50 many years in your community of its functions. It provides monetary help state electrical energy panels, condition governing bodies, central/state energy resources, separate energy manufacturers, outlying electric cooperatives and exclusive industry resources.
The organization’s company tasks include funding tasks inside total energy industry price sequence; for assorted forms of tasks including generation, transmission, circulation and green power. REC’s capital illuminates every 4th light bulb in India.
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