We’re considering ArcelorMittal’s Rs 4,800 cr offer for Essar Mahan, says PFC chief Rajeev Sharma

Power Finance Corporation (PFC) hopes to start a new inning in the power sector after the acquisition of Rural Electrification Corporation. In an interview with DNA Money, PFC CMD Rajeev Sharma says PFC-REC deal will create a fair amount of synergy and a common platform for power sector financing

What is the present status of the acquisition of REC by PFC?

PFC has received all regulatory approvals from Sebi, Competition Commission of India and RBI. The Department of Investment and Public Asset Management (DIPAM) has appointed a valuer for the valuation of REC. Besides, PFC is independently doing REC’s valuation. The acquisition is viewed as an inorganic growth opportunity which will provide a competitive edge to PFC in the future. PFC envisages closing the deal by March 31 this year.

Media reports say that the transaction price has been fixed. Can you please confirm?

Let me clarify, there are a lot of speculative numbers floating in the market but the transaction price has not been yet finalised and price determination is underway. The pricing will be mutually fixed by the government and PFC and it will be as per the Sebi guidelines. I want to further inform you that PFC is not considering extending an open offer to the minority stakeholders.

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