PFC becomes India’s second largest state-owned Financial Firm

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Power Finance Corp. Ltd (PFC) has completed the purchase of a controlling stake in state-run peer REC Ltd that will create an $80-billion lending giant by assets and potentially help in faster resolution of stressed assets in India’s power sector.

Key Facts:

  • PFC paid 14,500 crore to the Union government to buy a 52.63% stake in REC
  • PFC plans to complete the process of the merger with REC in the next fiscal year in consultation with the government. This would make PFC India’s second largest state-owned financial firm by market capitalization after State Bank of India (SBI).

Sources:The Hindu

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