REC Director Finance Ajeet Kumar Agarwal gets additional charge of CMD

State-run REC Thursday said its Director Finance Ajeet Kumar Agarwal has been given the additional charge of Chairman and Managing Director for three months till June 5, 2019.

"Ajeet Kumar Agarwal, presently Director (Finance), REC has been assigned the additional charge of the post of Chairman and MD, REC for a period of three months, up to June 5, 2019 or until further orders, whichever is earlier," an REC statement said.

According to the statement, Agarwal assumed the additional charge from March 6, 2019.

Earlier this month, the government had appointed REC Chairman and MD P V Ramesh as the Director-general of the National Archives of India.

The development comes in the backdrop of REC's proposed takeover by Power Finance Corporation.

In December 2018, the Cabinet Committee on Economic Affairs approved the sale of the government's 52.63 per cent stake in REC to PFC. The government is expected to garner around Rs 15,000 crore from this merger.

The government intends to divest its stake in REC during the current fiscal only.