REC signs MOU with MOP – sets higher performance standards for FY 2013-14

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 25/03/2013 for the financial year 2013-14 in the presence of B. N. Sharma, Joint Secretary and other senior officials of Ministry of Power. REC performance was rated as ‘Excellent ‘ by the Department of Public Enterprises (DPE) for the 19th year in succession for 2011-12 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 raising of the Sanction and Disbursement targets to Rs.66,000 Cr and Rs.31,500 Cr for the financial year 2013-14. These targets have shown an increase of 15.3 per cent in case of disbursements and 20.8 percent in case of sanctions as compared to the financial year 2012-13.