The Government of India has conferred the Navratna status on the Rural Electrification Corporation, REC , a Central Public Sector Undertaking under the Administrative control of Ministry of Power.
The recognition comes after REC put in sound and robust performance over the last several years thereby making its presence felt. It has notched up remarkable performance in terms of business expressed in sanctions and disbursements. Unaudited figures for the year 2007-08 stand at Rs.60,000 crores of sanctions and Rs.16,300 crores of disbursements. It also registered a healthy profit of Rs.1300 crores before tax and Rs.1000 crores after tax. Company has further ambitious plan to raise sanctions and disbursements to significantly higher level during the current year.
REC has also been appointed as nodal agency to implement flagship project of Ministry of Power i.e Rajeev Gandhi Grameen Vidyuthikaran Yojna (RGGVY) under the Bharat Nirman Programme of the Govt. of India which aims at electrifying all the villages and delivery of electricity to rural masses including families living below poverty line (BPL) as a measure of sharing economic prosperity.
REC came out with its Initial Public Offer (IPO) in the month of February 2008, the issue getting oversubscribed 28 times inspite of depressed market situation prevailing at that time. REC also ranks amongst top PSUs in terms of human resource productivity with each employee contributing Rs.23.1 crores of business by way of disbursements and Rs.1.8 crores profit per capita. Company has formed two subsidiary companies namely (i) REC Transmission Projects Limited, (ii) REC Power Distribution Company Ltd. to promote transmission and distribution business across the length and breadth of the country.
PRA
(Release ID :38815)