Union Cabinet approves sale of govt's 52.63 pct stake in REC to PFC
"The CCEA gave in principle approval for strategic sale of the Government of India's existing 52.63 per cent of total paid up equity shareholding in REC Ltd to Power Finance Corporation along with transfer of management control," Finance Minister Arun Jaitley said at a press conference after the Cabinet meeting here.
The government is expected to garner around Rs 15,000 crore from this merger. Image source: Reuters