REC Limited, formerly Rural Electrification Corporation Limited, of which Power Finance Corporation Limited (PFC) is holding company, which in turn is under the ownership of the Ministry of Power, Government of India. It finances and promotes power projects across India. The PSU provides loans to Central/State Sector Power Utilities in the country, State Electricity Boards, Rural Electric Cooperatives, NGOs and Private Power Developers. On 20 March 2019, PFC signed the agreement to acquire a 52.63% controlling stake in REC for ₹14,500 crore (US$1.8 billion). On 28 March, PFC announced that it had completed making the payment for the acquisition and intended to merge REC with itself in 2020. More information...
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