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Feb 19, 2019

Govt clarifies Rural Electrification Corporation will remain a public sector enterprise

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The government has clarified that Rural Electrification Corporation, REC, will remain a public sector enterprise even after the proposed acquisition by Power Finance Corporation, PFC. 

Speaking to reporters in Mumbai on Monday, Joint Secretary in the Ministry of Power, Mr. Arun Kumar Verma said, Power Finance Corporation is a government company and thus government will continue to control REC even after its acquisition. He added that PFC is likely to close the deal by 31st March this year and the process of price determination for the transaction is currently underway.

Meanwhile, PFC chairman and MD Rajeev Sharma said the company is looking at various options to finance the deal including an open offer to minority shareholders. He added that PFC will benefit through the widespread geographical reach of REC and will also be able to leverage its expertise in transmission and distribution. 

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