Union Cabinet has given ‘In Principle’ approval for 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.
About:
REC is a public Infrastructure Finance Company to finance and promote rural electrification projects across India.
Established in:
Status: It is a Navratna company under the administrative control of the Ministry of Power.
Key Projects handled by it:
It has been appointed as the nodal agency for implementation of Saubhagya (Pradhanmantri Sahaj Bijli Har Ghar Yojana) and DDUGJY (Deendayal Upadhyaya Gram Jyoti Yojana).
it is also responsible for being the coordinating agency for rolling out UDAY (Ujwal Discom Assurance Yojana) which seeks to operationally reform and financially turnaround the power distribution companies of the country.
Recent Decision:
Both REC and PFC are Central Public Sector Enterprises under the Ministry of Power.
The acquisition intends to achieve integration across the Power Chain, obtain better synergies and create economies of scale to support energy access and energy efficiency by improved capability to finance power sector.
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