The Competition Commission of India Tuesday gave approval to state-owned financial institution Power Finance Corporation (PFC) for the acquisition of 52 per cent stake in REC.
The government is expected to garner around Rs 15,000 crore from this sale process.
In December 2018, the cabinet committee on economic affairs as well as the board of PFC had given in-principle approval for the strategic sale.
In a tweet Tuesday, the Competition Commission of India (CCI) said it "approves acquisition of 52 per cent shareholding in REC Ltd by Power Finance Corporation Ltd."
In a separate tweet, the fair trade regulator said it "finds no AAEC in respect of acquisition of EPC Construction India Ltd by Royale Partners Investment Fund Ltd."