INVC NEWSNew DELHI,
The Power Finance Corporation Ltd. (PFC) signed its performance related ‘Memorandum of Understanding’ (MoU) with the Ministry of Power for the FY 2016-17 on 1st September, 2016. The MoU was signed by Shri P.K. Pujari, Secretary (Power), Govt. of India and Shri M.K. Goel, CMD, PFC in the presence of Dr. A.K. Verma, Jt. Secretary (Distribution), MOP, Shri R Nagarajan, Director (Finance), Shri A K Agarwal, Director (Projects)and Shri D. Ravi, Director (Commercial) of PFC.The key performance parameters under ‘Excellent’ category for the FY 2016-17 include Sanctions of Rs 55,000 Crore (excluding Transitional Financing), Return on Net Worth of 14.50% and an Operating Profit (Profit Before Tax excluding other Income, Extraordinary and Exceptional Items) of Rs 8,130 crores in addition to other sector-specific and enterprise-specific parameters etc,
The monitoring of performance vis-à-vis MoU targets would be carried out quarterly during the Performance Review Meetings being held in the Ministry of Power. PFC has been a MoU-signing Enterprise since 1993-94 and since then it has been consistently rated in the highest category of ‘Excellent’ (‘Very Good’ for the year 2004-05) for its overall performance.
