PFC completes acquisition of REC
28th Mar 2019

Power Finance Corporation (PFC) has completed the acquisition of majority stake in REC by transferring Rs 14,500 crore to the government. The company as paid the entire consideration of Rs 14,500 crore for acquiring 52.63 per cent equity of the Government of India in REC through RTGS (real-time gross settlement) mode. The transaction has helped the government meet its disinvestment target of Rs 80,000 crore for the current financial year.

PFC provides large range of financial products and services like project term loan, lease financing, direct discounting of bills, short term loan, and consultancy services for various power projects in generation, transmission, distribution sector as well as for renovation and modernization of existing power projects.