PFC Rejects Shapoorji Pallonji Loan: No High-End Exposure

New Delhi, Nov 13 (PTI) The board of PFC has decided not to sanction loans to Shapoorji Pallonji Group as it does not favour takeing "high-end exposure", PFC CMD Parminder Chopra said.

The Power Finance Corporation (PFC) chairman and managing director (CMD) Parminder Chopra made the remarks in a post earnings call.

"The Board in its wisdom has decided that since it's a new sector for us, so we may not take that high-end exposure," she said in reply to a question related to sanctioning loan to Shapoorji Pallonji.

Shapoorji Pallonji Group is a business conglomerate which specializes in sectors like engineering and construction.

PFC had conducted a due diligence process related to sanctioning loan to Shapoorji Pallonji, she said.

It was finally decided not to go ahead with the sanctioning of the loan for Shapoorji Pallonji, the chairman said.

As per media reports, PFC has rejected loan proposal worth around USD 2.4 billion to Shapoorji Pallonji.

PFC is an infrastructure finance company under the power ministry.