Top 10 Public Sector (PSU) Companies in India 2016
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Public Sector Undertakings (or PSU) are publicly held companies which put forth the platform for growth of a country and work to provide basic infrastructure and essential requirements. These government owned companies are very essential for India. Top PSUs consists of Indian Oil, ONGC, Bharat Petroleum along with Hindustan Petroleum, SBI with power companies like Power Grid, Power Finance etc. Here is a list of Top 10 PSU Companies in India 2016 on the basis of Revenue and Profit.
10) RURAL ELECTRIFICATION CORPORATION
Rural Electrification Corporation Limited (REC) is one of the top Indian public Infrastructure Finance Companies in power sector.
REC is listed on both stock exchanges in the country National Stock Exchange and Bombay Stock Exchange. REC, a listed Public Sector Enterprise of Government of India, was incorporated on July 25, 1969 under Companies Act 1956.
The objective of the company is to finance and promote the project relating to the rural electrification all across India. REC provides loans and financial assistance to many central and state boards like State Electricity Boards, Central and State Sector Power Utilities, NGOs etc. REC, a Navratna company, is functioning under Ministry of Power (Government of India). REC’s current net worth is around Rs.5368 Crore and is currently among top 500 Global Financial Services brands.
REC is headquartered in New Delhi and consists of 17 Project offices and 5 zonal offices. These offices play a major role in coordinating REC’s financing programmes to State/ Central boards and helps in formulating the schemes, sanctioning of loan. REC aims to provide electricity available to all rural and semi urban population for the enrichment of people’s lives and to increase the standard of living. The company also supports Swachh Bharat Mission. Currently, REC employees over 600 people. REC has two subsidiaries under it, which are REC Transmission Projects Company Limited and REC Power Distribution Company Limited. These subsidiaries were set to capture new opportunities and to tackle with new challenges in the power transmission and distribution division.