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The Economic Times

Debaroti Adhikary

PFC-REC merger explained: Swap ratio, rationale, other key details as merger set to create Rs 11 lakh cr power financing giant

REC PFC Finance Power Finance Corporation India

The boards of Power Finance Corporation (PFC) and REC have approved the merger scheme, paving the way for a mega restructuring that will create India's largest power sector financing institution, with a combined loan book of more than Rs 11 lakh crore.

After presenting the Union Budget in February this year, Finance Minister Nirmala Sitharaman said that the government will restructure PFC and REC in order to streamline operations. After receiving the respective boards' nod, the merger scheme now needs approvals from shareholders, stock exchanges, market regulator Sebi, the National Company Law Tribunal (NCLT) and other statutory authorities before becoming effective.

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