PFC merger with REC

On Dec 6, 2018, the Cabinet Committee on Economic Affairs (CCEA) gave an in-principle approval to the strategic sale of the centre’s 52.63 per cent holding in REC to PFC, along with transfer of management control. The government has a total 58.3 per cent stake in REC, the remainder of which is part of Bharat 22 ETF and CPSE ETF. The move will help the centre meet its disinvestment target of Rs 80,000 cr for FY19.