PFC Gets RBI Nod to Set Up Finance Company in GIFT City
By Rediff Money Desk, NEWDELHI Jan 09, 2024 19:52
Power Finance Corporation (PFC) receives RBI approval to establish a wholly-owned finance company in GIFT City, Gujarat, aiming to expand its global presence in the power sector.
![PFC Gets RBI Nod to Set Up Finance Company in GIFT City](https://im.rediff.com/money/2015/oct/15gift3.jpg)
New Delhi, Jan 9 (PTI) Power Finance Corporation (PFC) on Tuesday received approval from the Reserve Bank of India (RBI) to set up a wholly-owned finance company in the GIFT City in Gujarat.
The entity at the International Financial Services Centre (IFSC) will present new business opportunities for PFC and contribute to the growth of the country's power sector, PFC Chairman and Managing Director Parminder Chopra said in a statement.
According to a regulatory filing, PFC is in receipt of the no objection letter from the RBI for setting up a finance company as a wholly-owned subsidiary in the GIFT City.
"The GIFT City platform provides a conducive environment for international lending activities and a world-class infrastructure. We are confident that PFC will leverage these advantages to carve a niche for itself in the global market," she said.
As per the filing, PFC's entry into the IFSC is expected to open up new business opportunities and establish its global presence.
PFC is an infrastructure finance company under the power ministry.
The entity at the International Financial Services Centre (IFSC) will present new business opportunities for PFC and contribute to the growth of the country's power sector, PFC Chairman and Managing Director Parminder Chopra said in a statement.
According to a regulatory filing, PFC is in receipt of the no objection letter from the RBI for setting up a finance company as a wholly-owned subsidiary in the GIFT City.
"The GIFT City platform provides a conducive environment for international lending activities and a world-class infrastructure. We are confident that PFC will leverage these advantages to carve a niche for itself in the global market," she said.
As per the filing, PFC's entry into the IFSC is expected to open up new business opportunities and establish its global presence.
PFC is an infrastructure finance company under the power ministry.
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- GTL Infrastructure
- 2.93 ( -4.87)
- 226206286
- IFL Enterprises
- 1.30 (+ 4.84)
- 81461564
- Vodafone Idea L
- 16.79 (+ 0.66)
- 67447398
- NCL Research
- 0.95 ( -4.04)
- 31996628
- Franklin Industries
- 3.73 (+ 3.32)
- 21511209
MORE NEWS
![Navi Mumbai...](https://im.rediff.com/80-80/money/2021/jun/10navi-mumbai-airport7.jpg)
Navi Mumbai Airport ILS Signal Testing Begins
The Airports Authority of India (AAI) has begun ILS signal testing at the...
![Air India VRS for...](https://im.rediff.com/80-80/money/2020/sep/09tata-vistara-3.jpg)
Air India VRS for Non-Flying Staff Ahead of...
Air India has announced a voluntary retirement scheme (VRS) and voluntary separation...
Fisher Groups Oppose WTO Fisheries Subsidy Talks
Small-scale fisher groups from India, Indonesia, and Bangladesh demand WTO keep...