The Cabinet has has announced that it has provided its ‘In Principle’ consent for the strategic sale of the government’s existing 52.63 per cent total paid-up equity shareholding in Rural Electrification Corporation (REC) to Power Finance Corporation (PFC).
The government said in an announcement that, “The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Narendra Modi has given its ‘In Principle’ approval for the strategic sale of the Government of India’s existing 52.63% of total paid up equity shareholding in Rural Electrification Corporation (REC) to Power Finance Corporation (PFC) along with transfer of management control.”
Furthermore, the purchase proposes to accomplish integration across the power chain, obtain better synergies, generate economies of scale and have enhanced capability to support energy access and energy efficiency by enhanced capability to finance power sector, it added. It may also permit for cheaper fund raising with increase in bargaining power for the collective entity.
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