REC has received an approval for the subscription of 50% equity shareholding not exceeding Rs 50 crore in PFC Projects, in the Power Asset Management Company as 50:50 Joint Venture Company with Power Finance Corporation, for taking over Stressed/NPA assets in the Power Sector, subject to requisite approvals.
The Board of the Company in its meeting held on August 4, 2022 has approved the same. The Board also approved the sale and transfer of Neemuch Transmission to Power Grid Corporation of India, the successful bidder selected through Tariff Based Competitive Bidding process.
REC is engaged in providing financial assistance to state electricity boards, state government departments and rural electric cooperatives for rural electrification projects as are sponsored by them.
