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India's Power Finance to acquire majority stake in REC

Power Finance Corp. Ltd. signed a share purchase agreement to acquire 52.63% of the paid-up share capital of REC Ltd. from the government of India.

Power Finance will acquire 1.04 billion shares of REC at a cash purchase consideration of 139.50 rupees per share with a total acquisition cost of about 145 billion rupees.

Power Finance will become the major shareholder and holding company of REC. The acquisition will enable increased efficiencies in the lending processes and policies of both companies.

As of March 20, US$1 was equivalent to 68.79 Indian rupees.