MoP Constitutes Oversight Panels for PFC-REC MergerOn February 19, 2026, the Ministry of Power (MoP) constituted a three-member high-level committee and a three-member Working Group to oversee and steer the proposed merger of Power Finance Corporation (PFC) and REC Limited (formerly known as Rural Electrification Corporation Limited), under MoP.
About High-Level Committee:
Members: It comprises Parminder Chopra, Chairman and Managing Director (MD) of PFC; Jitendra Srivastava, CMD, REC along with Shashank Mishra, Joint Secretary (Distribution), MoP as convenor.
Functions: It will oversee and track the overall merger process, review weekly progress reports, address policy-level and structural issues, ensure alignment with government objectives, and coordinate between stakeholders and regulatory bodies.
About Working Group on Merger Modalities:
Members: It is headed by Pranav Tayal, Director (Distribution), MoP, with one Executive Director (ED) from PFC and REC as members.
Role: The Working Group will review and recommend measures for personnel integration, including the harmonisation of pay scales, service conditions, and promotion policies.
About High-Level Committee:
Members: It comprises Parminder Chopra, Chairman and Managing Director (MD) of PFC; Jitendra Srivastava, CMD, REC along with Shashank Mishra, Joint Secretary (Distribution), MoP as convenor.
Functions: It will oversee and track the overall merger process, review weekly progress reports, address policy-level and structural issues, ensure alignment with government objectives, and coordinate between stakeholders and regulatory bodies.
About Working Group on Merger Modalities:
Members: It is headed by Pranav Tayal, Director (Distribution), MoP, with one Executive Director (ED) from PFC and REC as members.
Role: The Working Group will review and recommend measures for personnel integration, including the harmonisation of pay scales, service conditions, and promotion policies.
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