REC CMD to seek approval from President of India for co's merger with PFC
This story was originally published at 19:25 IST on 16 May 2026
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MUMBAI – REC Ltd.'s chairman and managing director will seek approval from the President of India for the company's merger into Power Finance Corp. Ltd., according to an exchange filing Saturday. The merged entity will remain a government-owned company, REC said.
In the Union Budget for 2026-27 (Apr-Mar) presented by Finance Minister Nirmala Sitharaman on Feb. 1, the government had proposed the restructuring of PFC and REC to achieve scale and efficiency in public sector non-banking finance companies. As of Dec. 31, PFC's standalone loan asset book was INR 5.70 trillion, while REC's loan asset book was INR 5.82 trillion.
In FY26, PFC reported the highest ever net profit of INR 200.51 billion, up 15.6% on year. Total revenue rose 10% to INR 585.04 billion in FY26. On Friday, the company's shares ended at INR 445.75 on the National Stock Exchange, down over 1% from Thursday. Shares of REC closed at INR 345.85, down nearly 1% from Thursday. End
Reported by Anshul Choudhary
Edited by Akul Nishant Akhoury
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