Ministry of Power Constitutes Committees for PFC and REC Merger

Key facts

• The Ministry of Power (MoP) has constituted a high-level committee and a three-member working group to oversee the merger of Power Finance Corporation (PFC) and Rural Electrification Corporation (REC).
• The working group is headed by the Director (Distribution) of the MoP and includes executive directors from both PFC and REC as members.
• The working group is tasked with studying and recommending strategies for personnel and technology integration, corporate and functional restructuring, and harmonisation of stakeholder interests.
• The high-level committee is convened by the Joint Secretary (Distribution) of the MoP, with the Chairman and Managing Directors (MDs) of PFC and REC serving as members.
• The high-level committee will meet once every week to review progress reports from the working group and ensure the smooth execution of the merger process.