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India to sell REC stake to another state lender, Power Finance Corp

Reuters  |  NEW DELHI 

NEW DELHI (Reuters) - The Indian government on Thursday approved a plan by one state-owned lender to the power industry, Power Finance Corp to acquire a majority stake in a similar government-controlled lender, REC Ltd, Finance Minister Arun Jaitley said.The government did not disclose the price of the 52.63 percent stake but based on REC's closing share price on Thursday, it would be worth around 108 billion rupees ($1.52 billion).The sale may allow the government to say that it is getting closer to meeting its target of raising 800 billion rupees through the sale of government stakes in ...

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First Published: Thu, December 06 2018. 21:57 IST