REC Limited and Power Finance Corporation Limited have approved a merger scheme, effective June 28, 2026, with an 88:100 share exchange ratio. The merger aims to create a dominant power sector financing entity with a loan book over INR 11 lakh crore, subject to regulatory approvals. Deloitte Touche Tohmatsu India LLP and Cyril Amarchand Mangaldas are advising on the transaction.