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PFC Infra Finance IFSC Limited to commence operations; receives approval from IFSCA

By TIOL News Service

NEW DELHI, OCT 17, 2024: PFC Infra Finance IFSC Limited (PIFIL), a wholly owned subsidiary of Power Finance Corporation Limited (PFC), has received approval from International Financial Services Centres Authority (IFSCA) to commence business as a Finance Company in IFSC  GIFT City Gujarat.

PIFIL, part of India's largest non-banking financial company (NBFC) group, will be the first finance company in IFSC dedicated to power and infrastructure lending. PFC Infra Finance IFSC Limited aims to provide lending in India and in other countries in foreign currency, catering to both government and private players. The establishment of PIFIL will position PFC as a global brand and contribute to strengthening India's position as a global financial hub.

K. Rajaraman, Chairperson IFSCA, congratulated PFC for being the first government NBFC for receiving the Certificate of Registration (CoR) as a Finance Company for its IFSC subsidiary - PFC Infra Finance IFSC Ltd, for undertaking lending business. Rajaraman emphasised the need for fulfilling the gap for financing renewables towards Net Zero achievement and was positive about the role in which PFC Infra Finance IFSC Limited can contribute to achieving the goal.

The CoR was handed over by K. Rajaraman, Chairperson, IFSCA to Parminder Chopra, Chairperson PFC & PFC Infra Finance IFSC Limited.

Parminder Chopra, Chairperson PFC & PFC Infra Finance IFSC Limited stated that "We are proud to be the first finance company in the IFSC focused on infrastructure including power sector lending. As we commence operations, funding for energy transition will be a key focus, aligning with India's strong push towards clean energy sources. We bring a wealth of experience from our successful track record in India's power sector and we are confident that our presence will contribute significantly to the growth and success of the IFSC."


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