PFC Infra Finance IFSC Ltd receives IFSCA approval, set to start operations in GIFT City, ET EnergyWorld

New Delhi: PFC Infra Finance IFSC Limited (PIFIL), a subsidiary of Power Finance Corporation Limited (PFC), has received approval from the International Financial Services Centres Authority (IFSCA) to begin operations as a finance company in GIFT City, Gujarat.

PIFIL will be the first finance company in the International Financial Services Centre (IFSC) dedicated to power and infrastructure lending, providing loans in foreign currency to both government and private sector players.

PIFIL, part of India’s largest non-banking financial company (NBFC) group, is expected to play a pivotal role in positioning PFC as a global brand. The company will contribute to India’s ambition to establish itself as a global financial hub, while focusing on infrastructure financing, including energy transition projects.

IFSCA Chairperson K. Rajaraman, congratulated PFC for being the first government NBFC to receive the Certificate of Registration (CoR) for its subsidiary in GIFT City. “There is a critical need for financing in renewables to achieve Net Zero goals, and we are confident that PFC Infra Finance IFSC Limited will play a significant role in fulfilling this need,” he said.

The CoR was handed over by Rajaraman to Parminder Chopra, Chairperson, PFC and PFC Infra Finance IFSC Limited. Speaking on the development, Chopra said, “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 our presence will contribute significantly to the growth and success of the IFSC.”

• Published On Oct 16, 2024 at 09:18 PM IST

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