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Cabinet gives 'In Principle' approval to PFC takeover of REC

ANI  |  New Delhi [India] 

The Cabinet Committee on Economic Affairs, chaired by Narendra Modi, has given its 'In Principle' approval the for strategic sale of the Centre's existing 52.63 per cent of total paid up equity shareholding in Corporation (REC) to (PFC) along with transfer of management control.

The acquisition intends to achieve integration across the power chain, obtain better synergies, create economies of scale and have enhanced capability to support and by improved capability to finance power sector. It may also allow for cheaper fund raising with increase in bargaining power for the combined entity.

Both and PFC are under the

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, December 07 2018. 01:33 IST