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REC accorded with 'Maharatna' company status
Published on 26 Sep 2022
- REC Ltd has been accorded the status of a 'Maharatna' central public sector enterprise (CPSE).
- Incorporated in 1969, REC is a non-banking finance company (NBFC), focussing on power sector financing and development across India. It comes under the aegis of Power Ministry.
- REC is the 12th company to secure Maharatna status.
- The grant of Maharatna status to REC will give the company's board greater powers in making financial decisions.
- The PSU is currently playing the role of nodal agency for Revamped Distribution Sector Scheme (RDSS), for revamping the distribution sector to alleviate the financial and operational issues.
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