New Delhi, Feb. 19 -- The power ministry on Thursday set up two panels to study the modalities of the proposed merger of state-run Power Finance Corp and its subsidiary REC Ltd, and oversee the restructuring process of the two financial institutions.

The ministry has set up a working group with one executive director each from the two companies and the director (distribution) in the ministry to study the modalities of the merger. The other is a high-level committee to oversee the merger, with the chairpersons of PFC and REC as members, and the ministry's joint secretary (distribution) as convenor. The ministry conveyed the decision to the concerned officials and the chairman and managing directors of the companies through two separate of...