Cabinet clears REC-PFC deal, agriculture export policy

December 06
23:29 2018

The cabinet on December 6 approved the strategic sale of government shareholding of 52 percent in REC to PFC. After the deal, REC will become a subsidiary of PFC.

A ministerial panel will now work out the details of the deal.

The deal is expected to fetch the government around Rs 15,000 crore.

The government held 57.99 percent in REC, and 65.64 percent in PFC at September-end. However, the holding in REC had come down to 52.63 percent following stake sale through an exchange-traded fund (ETF).

The cabinet also cleared the agriculture export policy.

Addressing a media briefing after the meet, Suresh Prabhu said, “the decision on agri policy is in line with the prime minister’s vision of doubling farmers income.”

Export restrictions, however, will continue to be applied to highly sensitive products like onion.

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