State-owned Power Finance Corporation (PFC) on Thursday completed the acquisition of majority stake in REC Ltd. by transferring Rs 14,500 crore to the government, an official said. The transaction has helped the government meet its disinvestment target of Rs 80,000 crore for the current financial year.
“The entire consideration of Rs 14,500 crore for acquiring 52.63% equity of the Govern-ment of India in REC is paid by PFC through RTGS (real-time gross settlement) mode this morning,” the official told PTI. The official said PFC chairman and managing director Rajeev Sharma handed over the RTGS advice to Power Secretary AK Bhalla on Thursday to complete the acquisition. The money has been transferred into the government’s account online.
