India, June 29 -- The boards of Power Finance Corporation (PFC) and REC Ltd. have approved a merger scheme between the two state-run power sector financiers.
The proposed merger, approved under Sections 230 to 232 of the Companies Act, 2013, will create a financing entity with an aggregate loan book exceeding Rs 11 lakh crore.
The merger is aimed at creating a larger and stronger lending institution to support financing requirements in India's power sector, subject to the necessary regulatory and statutory approvals.
Published by HT Digital Content Services with permission from Dion Global Solutions Limited....