REC pays Rs. 231 cr dividend to govt

New Delhi, Sept 24 (IBNS) Rural Electrification Corporation Limited (REC) has paid a dividend of Rs 231 crore to the Government of India.

J.M. Phatak, Chairman and Managing Director of REC, a Navratna Public Sector Undertaking, presented a cheque of Rs. 230.86 crore to Sushilkumar Shinde, Union Minister of Power here.

For the Financial Year 2009-10, REC paid a total dividend of Rs. 441.62 crore including an interim dividend of Rs. 210.76 crore to the Government of India against Rs. 316.14 crore paid last year.

The company paid total Dividend of Rs. 603.21 crore for the Financial Year 2009-10 @ Rs. 6.50 per share on the paid up capital of the Company, including Rs. 3 per share paid as Interim Dividend in January, 2010.

The company continues to register higher growth and record performance for the year 2010-11 also, in key areas of Disbursements of Loans, Recoveries, Operating Income and Profits.

The performance of the company in terms of MoU signed with the Ministry of Power, Government of India for the financial year 2008-09 has been rated as ?Excellent?.

This is the 16th year in succession that REC has received ?Excellent? rating since the year 1993-94 when the first MoU was signed with the Government. For the year 2009-2010 also, the performance of the company is poised to receive ?Excellent? rating.