New Delhi, Feb. 6 -- Power Finance Corporation Ltd (PFC) has purchased 52.63% of the government's shares in REC Limited (REC), thereby establishing REC as its subsidiary. This acquisition follows the 'in-principle' endorsement from the Cabinet Committee on Economic Affairs (CCEA).

The purchase follows the 2026-27 Union Budget plan for NBFCs, which focuses on increasing credit distribution and implementing technology to improve efficiency.

During his budget address, the Finance Minister mentioned that the vision for Non-Banking Financial Companies (NBFCs) aimed at a developed India includes specific goals for credit distribution and the adoption of technology. To enhance efficiency and achieve greater scale in Public Sector NBFCs, it is ...