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The state-run has suggested the government consider selling ‘s (PFC) stake in the company to Power Grid Corp of India (PGCIL). In a presentation made to the power ministry in the last week of June,
suggested a non-banking public sector company acquire PFC’s stake in the company.
The meeting, chaired by power and renewable energy minister RK Singh, discussed the option of PGCIL acquiring PFC’s stake in REC.
The power ministry has asked REC to submit a proposal, a top bureaucrat told ET.
PFC had in March 2019 acquired the government’s 52.6% stake in REC for ₹14,500 crore to consolidate the two power sector lenders.
PFC, REC, and PGCIL did not respond to queries sent by ET. However, a senior PGCIL official said, “there is nothing on the table as yet.”
The government holds a 56% stake in PFC.
Source: england-times
