Power Finance Corporation (PFC) on October 16 said its arm PFC Infra Finance IFSC Ltd has received approval from International Financial Services Centres Authority to commence business as a finance company in IFSC GIFT City, Gujarat.
PFC Infra Finance IFSC Ltd (PIFIL) will be the first finance company in IFSC dedicated to power and infrastructure sector lending, the company said in a statement.
PIFIL aims to provide lending in India and other countries in foreign currency, catering to government as well as 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.
IFSCA chairperson K Rajaraman presented the Certificate of Registration (CoR) to Parminder Chopra, Chairperson PFC & PIFIL.
"As we commence operations, funding for energy transition will be a key focus, aligning with India's strong push towards clean energy sources," Chopra said.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
