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PFC receives MoU excellence award

State-owned Power Finance Corporation has won the MoU Award for Excellence in Performance for the year 2003-04.

business Updated: Jan 10, 2006 16:23 IST

State-owned Power Finance Corporation on Tuesday won the MoU Award for Excellence in Performance for the year 2003-04.

The award, instituted by the Department of Public Enterprises, is given every year to the top 10 PSUs of the country. These top 10 PSUs are selected on the basis of their performance against annual targets set by the Government through Memorandum of Understanding.

This is the fifth time that PFC has been selected for this award.

PFC Chairman and Managing Director VK Garg received the award from Vice President Bhairon Singh Shekhawat.

PFC has always been rated in the highest category of "Excellent" by the Government ever since PFC became the 'MoU-signing PSU' in 1993-94, PFC said in a statement.

For the year 2003-04, (for which the award was given) PFC had posted profit after tax of Rs 1,607 crore and had paid dividend of of Rs 322 crore.

First Published: Jan 10, 2006 16:23 IST