Power Ministry rejected REC proposal of selling PFC’s stake to PGCIL: Union power minister RK Singh
The government has rejected power financier REC Ltd’s proposal of its takeover by the Power Grid Corp of India (PGCIL), power and new and renewable energy minister RK Singh told ET on Monday.
Power Grid’s market capitalisation had fallen about Rs 33,000 crore in the last two trading sessions following reports of the proposal. Shares of PGCIL closed at Rs 201.25, down 0.67%, on the BSE on Monday after hitting 52-week low of Rs 175.10 intraday.
