State-owned Power Finance Corporation (PFC) has completed the acquisition of majority stake in REC Ltd by transferring Rs 14,500 crore to the government. The merger of both the entities will be completed in the next fiscal year in consultation with the government.
This acquisition and merger will make PFC second-largest government-owned financial player in the country based on the current market capital after State Bank of India (SBI) and also PFC will be the third-highest profit-making financial player in India.
Source- Business Standard
Static/Current Takeaways Important For LIC AAO Mains Exam:
- Rajeev Sharma is the Chairman & Managing Director of Power Finance Corporation.
- PFC headquarters in New Delhi.
- PFC was incorporated on July 16th, 1986 and is a leading Non-Banking Financial Corporation in the Country.