INVC,,
Delhi,,
P Uma Shankar, Secretary, Ministry of Power, Government of India and Rajeev Sharma, Chairman & Managing Director, Rural Electrification Corporation Limited (REC Limited) signed MoU, on 23/03/2012 for the financial year 2012-13 in the presence of Shri Ashok Lavasa, Additional Secretary, Shri Devender Singh, Joint Secretary and other senior officials of Ministry of Power and REC Limited. REC performance was rated as ‘Excellent ‘ by the Department of Public Enterprises (DPE) for the 18th year in succession for 2010-11 since it signed its first MoU in the year 1993-94.
The highlights of the MOU signed between REC and Ministry of Power include the revision of the Sanction and Disbursement targets to Rs.54,600 Cr and Rs.27,300 Cr for the financial year 2012-13. These targets have shown a increase of 9.92 per cent in case of disbursements and 9.2 percent in case of sanctions as compared to the financial year 2011-12. A unique feature of this MOU is creation of an HR template which captures different facets of HR performance deliverables comprehensively carrying a weightage of 5 per cent.
Performance under Corporate Social Responsibility (CSR) at pre defined target carrying a budget of .5 per cent of Profit After Tax (PAT) constitutes another landmark of MOU targets for the financial year 2012-13.
REC is a leading Public Financial Institution in the Power Infrastructure space with a net worth of Rs. 14,843 Cr (as on 31/12/2011). The company commenced its operations in 1969 with the objective of financing rural electrification schemes to develop power infrastructure. Since then, its mandate has expanded from energizing pump sets to financing and promoting all segments of power sector throughout India covering power generation, transmission and distribution, and renewable energy.
Today REC sanctions loans to State Electricity Boards, Power Utilities, State Governments, Rural Electric Cooperatives, NGOs and private power developers through a network of 13 Project Offices and 5 Zonal Offices across India. It has a vision of “Power for All” – a dream of enlightening the lives of millions.
