REC Limited, formerly Rural Electrification Corporation Limited, of which Power Finance Corporation Limited is the holding company of that is under the ownership of the Ministry of Power, the Government of India. It finances and promotes power projects across India. The PSU provides loans to Central/State Sector Power Utilities in the country, State Electricity Boards, Rural Electric Cooperatives, NGOs and Private Power Developers. On 20 March 2019, PFC signed an agreement to acquire a 52.63% controlling stake in REC for ₹14,500 crore. On 28 March, PFC announced that it had completed making the payment for the acquisition and intended to merge REC with itself in 2020. However, REC has maintained that merging PFC-REC is no longer an option. Recently, REC has secured a coveted place in the esteemed Morgan Stanley Capital International Global Standard Index, effective from 1st September 2023. The position inclusion of REC in MSCI solidified REC's status as a leading player in the financial sector and market, and opened up new horizons to expand its reach and influence on a global scale. Wikipedia