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PFC inks pact to acquire stake in REC for Rs 14,500 cr

Monday, 25 Mar 2019
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The Power Finance Corporation (PFC) has signed an agreement to purchase the Central government's 52.63 percent stake in the Rural Electrification Corporation (REC) by acquiring Rs 103.94 crore equity shares of Rs 10 each.

With the acquisition, PFC is set to become a promoter and the holding company of REC. In December 2018, the Union Cabinet had approved the deal for the acquisition that also involved transfer of management control.

The acquisition will enable increased efficiency in lending processes and policies across both the institutions and create public value by offering better loan products to the power sector.

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