REC okays subscribing 50% equity in asset management firm PFC Projects
State-owned REC Ltd board has approved a proposal for subscribing 50 per cent equity not exceeding Rs 50 crore in PFC Projects, a power asset management company for taking over stressed assets.
As per a BSE filing, PFC Projects is a 50:50 joint venture company with the PFC for taking over stressed/NPA (bad loan) assets in the power sector, subject to requisite approvals.
The REC board in a meeting on August 4, 2022, approved a proposal for the subscription of 50 per cent equity shareholding not exceeding Rs 50 crore in PFC Projects Ltd (in the Power Asset Management Company), the filing said.
