Power Finance Corporation (PFC) on Thursday said it has completed the buyout of fellow PSU Rural Electrification Corporation (REC). The next step is to enable synergies and eventually merge the two, according to top company officials.
In December last year, the Cabinet Committee on Economic Affairs had approved the strategic sale of the government’s 52.63 per cent shareholding in REC to PFC, along with transfer of management control.
Responding to a query on whether a merger of the two will be completed in a year, Rajeev Sharma, CMD of PFC, told reporters: “I am quite hopeful.”
Asked if the merger will result in REC being delisted from the bourses, he said: “All those things we have not considered; once the government decides, whatever steps are to be taken will be taken.”
