New Delhi: Power Finance Corp. Ltd (PFC) has completed the purchase of a controlling stake in state-run peer REC Ltd that will create an $80-billion lending giant by assets and potentially help in faster resolution of stressed assets in India’s power sector.
PFC paid ₹14,500 crore to the Union government to buy a 52.63% stake in REC, the company’s chairman and managing director Rajeev Sharma said on Thursday.
The proceeds from the REC stake sale have also helped the union government exceed its disinvestment target of ₹80,000 crore for the fiscal year 2018-19. The disinvestment receipts touched ₹85,000 crore last week.
