As per the proposal, PFC will acquire about 104 crore shares or 52.63 per cent of the government stake in the REC at Rs 139.50 per share.
Finance Minister Arun Jaitley said the recommendations approved include grant of coal linkage for short-term PPAs.
Saudi Aramco CEO Amin Al-Nasser said he remains positive on the firm's investment in India, and is working with partners.
Discoms of Uttar Pradesh, Maharashtra, Telangana, Andhra Pradesh, Karnataka, Delhi and Tamil Nadu owe the major portion of dues to the power generating companies.
Rolled out by the NITI Aayog, the National Energy Policy aims to improve the energy security of the country by reducing the dependency on imports.
NTPC's total income during the third quarter was Rs 24,308.01 crore, a rise of 15.27 per cent compared with Rs 21,087.84 crore a year ago.
Under the agreement, New Delhi must restrict its Iranian oil purchases to 1.25 million tonnes, or 9 million barrels.
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