Power Finance Corporation

YEAR                                                        EVENTS
 
 2000 - ICRA Ltd has assigned `LAAA' rating to the Rs. 1,000-crore
 long-term 
             borrowing programme of Power Finance Corporation Ltd.
 
            - ICRA has also assigned a `A1+' rating to the Rs 500
 crore shor-term borrowing
              programme of the company.
 
 2001 - The government has promoted A A Khan as chairman and managing
 director of 
              Power Finance Corp.
 
           - Power Finance Corporation Ltd and the Export Development
 Corporation of Canada have
             signed a  million line of credit to finance the supply
 of goods and services by Canadian
             exporters in India.
 
 2004 - Icra doles out 'LAAA' rating to PFC's Rs 50 billion debt
 
 -Power Finance Corporation (PFC) forays into non-conventional energy
 segment with a Rs 98.44 crore loan for funding a 24 mega watt
 Jaisalmer windmill project
 
 -Power Finance Corporation announced signing of an MoU with Neyveli
 Lignite Corporation to finance the latter's lignite mining and power
 projects
 
 2005
 
 
 - Dr Vinod Kumar Garg assumes charge of Power Finance Corporation
 (PFC) as new chairman and managing director on May 11
 
 Our Company was incorporated on July 16, 1986 under the Companies 
 Act as a public limited company with the ROC, Delhi and Haryana and 
 received our certificate for commencement of business on December 
 31, 1987. The GoI incorporated our Company as a financial institution
 in 
 order to finance, facilitate and promote power sector development in
 
 India with the President of India holding 100% of our equity share
 capital. 
 
 Changes in registered office
 At the time of incorporation, the registered office of our Company
 was 
 situated at Room No. 627, Shram Shakti Bhawan, Rafi Marg, New Delhi 
 110 001, India. However, the registered office of our Company shifted
 
 to Chandralok, 36, Janpath, New Delhi 110 001, India on March 25,
 1988.
 
 Major events     Year Event
 
 1986                Incorporation of our Company.
 1987                Certificate of commencement of business
 received.
 1988                Commencement of lending activities.
                         Evolved broad operational policies
 identifying priority areas for 
                          providing financial assistance and
 formulated short term, medium 
                         term and long-term strategies for
 operations.
 1989               Provided first guarantee to M/s Mitsui and
 Company, Japan for 
                        payment of principal for Rupees equivalent to
 Japanese Yen 27.39
                        billion for supplier credit made available to
 UPSEB for the 1,000 MW 
                        Anpara B Thermal Power Project.
 1990              Declared as a public financial institution under
 section 4A of Companies 
                       Act.
 1991              Conferred with a license to deal in foreign
 exchange in the power sector.
 1992              Project on Energy Management Consultation and
 Training (EMCAT) 
                       made operational with the objective to bring
 about improvement in the 
                      efficiency of the energy supply component of the
 power sector with the 
                       help of USAID.
 1993             First MoU with GoI in relation to operational
 targets and rated excellent 
                      on the basis of all round performance.
 1994             Company declared maiden dividend to the GoI.
 1996             Started funding private power projects.
 1998             Registered as a NBFC. Declared a Mini Ratna
 (Category I).
                      Promoted PTC Limited as joint venture with NTPC
 and PGCIL.
 1999            Launched consultancy services in order to provide
 consultancy services 
                     to both state owned and private power utilities
 for the power and financial 
                      sectors.
 2003            Appointed by the MoP as a nodal agency to fund the
 India Power Fund 
                     scheme to catalyze the process of fresh equity
 investment in the power sector.
 2004            Project appraisal system certified as ISO 9001.
 2005            Entered into MoU with LIC and ten leading public
 sector banks for 
                     consortium financing of power projects.
 2006            Set up five subsidiary companies for developing
 UMPPs.
                     Our disbursement crossed Rs. 100,000 million.
 
 2007
 
 -Power Finance Corporation Ltd has appointed Shri. M K Goel as
 Director (ID&A) on the Board of Directors of the Company w.e.f. July
 27, 2007.
 
 -Power Finance Corporation Ltd has appointed Shri. Ashok Kumar
 Khurana as Director (Government nominee) on the Board of Directors of
 the Company w.e.f. September 03, 2007