MUMBAI: Allaying concerns of the investors over the proposed acquisition in REC by the PFC, joint secretary Ministry of Power Arun Kumar Verma said the former will continue to be a government entity and that the process of price determination for the transaction is underway.
Power Finance Corporation (PFC) is likely to close the deal by 31 March this year and is not considering extending open offer to the minority stakeholders, Verma said while addressing a media conference here.
“According to regulations, PFC should have a major hold post acquisition. In this case PFC is a government company and REC will also continue to be a government entity.
