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New Delhi, Jan. 10

STATE-owned Power Finance Corporation has won the Memorandum of Understanding Award for Excellence in Performance for 2003-04.

The award, instituted by the Department of Public Enterprises, is given every year to the top 10 public sector undertakings in the country. They are selected on the basis of their performance against annual targets set by the Government through the MoU.

This is the fifth time that Power Finance Corporation has been selected for this award.

For 2003-04, Power Finance Corp had posted net profits of Rs 1,607 crore and paid a dividend of Rs 322 crore to the Government during the financial year.

NTPC wins too:

National Thermal Power Corporation (NTPC) has been ranked first for the MOU award for `Excellence in Performance' while its CMD, Mr C.P. Jain, was felicitated for his outstanding contribution to public sector management.

The awards were presented by the Vice-President, Mr Bhairon Singh Shekawat, to Mr Jain during the Conference of Chief Executives of PSUs, held here today.

(This article was published in the Business Line print edition dated January 11, 2006)
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