The boards of directors of Power Finance Corporation (PFC) and REC Ltd approved a strategic merger scheme designed to consolidate two of India's largest state-owned power financing institutions. Under the approved share-swap arrangement, shareholders of REC receive 88 shares of PFC for every 100 shares they hold in REC. This consolidation aims to create a powerhouse institution with a massive combined loan portfolio to accelerate funding for India's national infrastructure and renewable energy transitions, pending final regulatory clearances.