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CCEA approves sale of government stake in REC to PFC

CCEA approves sale of government stake in REC to PFC

The Cabinet Committee on Economic Affairs (CCEA) has given in principle approval for strategic sale of the Government of India’s existing 52.63% of total paid up equity shareholding in Rural Electrification Corporation (REC) to Power Finance Corporation (PFC) for an estimated Rs 15,000 crore, along with transfer of management control.

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.

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