REC plans consultancy service targeting Rs 500-600 cr revenue

Kolkata, Feb 16(UNI) Power PSU Rural Electrification Corporation (REC) plans to start full-fledged consultancy service for power distribution companies targeting a revenue of Rs 500-600 crore by 2009-2010.

Director (Finance) H D Khunteta said REC targeted to earn Rs 300-400 crore from Detailed Project Report (DPR) preparation and supervisory work expanding its existing area of operation in providing consultancy services to West Bengal, Punjab and Rajasthan state distribution companies.

The rest would come from fee-based income from Rajiv Gandhi Grameen Vidyutikaran Yojana, a Government of India scheme for rural electricity infrastructure and household electrification, he told reporters on the sidelines of a press conference.

"We have approached different state power utilities and private sector companies with its project proposal and received positive response." The company was training a large number of people in its Hyderabad-Central Institute with this purpose.

Meanwhile, REC Chairman A Lakhina has conducted roadshows in the leading metros of the country and abroad for its Initial Public Offering (IPO). "We are hopeful about this IPO," Mr Khuntetat said.

The four-day book building for the IPO of REC is scheduled to open on February 19, with a price band fixed at Rs 90 Rs 105.

UNI KDG KK DB2032