The joint venture includes Power Finance Corporation, Power Grid Corporation of India and NTPC.
The board of directors of REC approved infusion of Rs 150 crore as equity in a company, proposed to be promoted as joint venture along with three other Central Public Sector Enterprises (CPSEs) i.e. Power Finance Corporation, Power Grid Corporation of India and NTPC, for the purpose of establishment/ creation of common backend infrastructure facility (CBIF) for smart meters in the country. The announcement was made post trading hours yesterday, 15 September 2020.
REC's consolidated net profit rose 22.3% to Rs 1,845.30 crore on 20.4% rise in total income to Rs 8,450.36 crore in Q1 June 2020 over Q1 June 2019.
REC, a Navratna Central Public Sector Enterprise, is engaged in the financing and promotion of transmission, distribution and generation projects in India.
Shares of REC was flat at Rs 108.85 on BSE. The scrip jumped 37.78% from its 52-week low of Rs 79 hit on 26 March 2020.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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