REC Ltd - Clarification On News Item Appearing In The Media/Publication.

This has reference to your letter and email dated December 1, 2022 seeking clarification on news item captioned "REC signs pact with PFC for FY2022-23" appeared on www.livemint.com. As per MoU Guidelines issued by Department of Public Enterprsies (DPE), from time to time, all CPSEs are required to sign Memorandum of Understanding (MoU) for each financial year with the DPE/Holding Company to undertake regular performance evaluation of CPSEs to assess their efficacy towards fulfillment of core objectives for which CPSEs are formed. Accordingly, in compliance of aforesaid guidelines & as a normal practice of signing of MoU with DPE/Holding Company on annual basis, REC Limited, a Maharatna CPSE, has signed an MoU to set internal targets/ parameters for the Financial year 2022-23, with Power Finance Corporation Limited (PFC - Holding Company) on November 29, 2022, as per the DPE Performance Evaluation System for CPSEs.