Power Finance Corporation Ltd.

Power Finance Corporation (PFC) has signed a performance based ‘Memorandum of Understanding’ (MoU) with REC (formerly Rural Electrification Corporation) detailing various targets to be achieved by REC during FY 2019-20.

The MoU contains various financial and Non-financial parameters including sector-specific and result oriented measurable parameters.

PFC had acquired entire government stake representing 52.63% of the share capital of REC at a consideration of around Rs 14500 crore on March 28, 2019 thus becoming the holding company and also a promoter of REC.

PFC provides large range of financial products and services like project term loan, lease financing, direct discounting of bills, short term loan, and consultancy services for various power projects in generation, transmission, distribution sector as well as for renovation and modernization of existing power projects.