PFC Board Approved Merger With REC, Bought 52.63% Stake Of Government, What Next?
The board of Power Finance Corporation PFC has approved the merger with Rural Electrification Corporation REC. PFC has acquired 52.63% stake from the government in REC. This step has been taken to enhance efficiency and restructuring in public sector NBFCs, as was proposed in the Budget. REC has extended its financing to both power and non-power sectors.