REC Limited Receives RBI NOC for Proposed Merger with PFC

New Delhi: REC Limited has received a No-Objection Certificate (NOC) from the Reserve Bank of India (RBI) in relation to the proposed merger of REC Limited with and into Power Finance Corporation Limited (PFC), along with their respective shareholders and creditors.

The proposed scheme of merger will be undertaken under Sections 230–232 and other applicable provisions of the Companies Act, 2013, subject to the applicable regulatory and statutory requirements.

The development marks a regulatory step in the proposed merger process between the two public sector financial institutions. Further progress on the scheme will depend on the fulfilment of applicable legal and regulatory requirements.