PFC Heads to Global Stage with New GIFT City Hub

10 Jan 2024 , 12:34 PM

According to a corporate exchange filing, Power Finance corporate received a letter of no objection from the Reserve Bank of India (RBI) on January 9 for the establishment of a finance company at the International Financial Services Centre (IFSC) located in GIFT City, Gujarat.

According to the exchange filing, ‘PFC’s entry into the IFSC is expected to open up new business opportunities and establish PFC’s global presence.’

The business had asked the authorities for permission last year.

The corporation increased its market borrowing to Rs 1.05 lakh crore earlier this month.

For the current fiscal year, a borrowing scheme totaling Rs 80,000 crore was in place. The borrowing falls under a number of debt categories, including public and private placement bonds, debentures, term loans, external commercial borrowings, and more.

The business stated in a filing with the bourses that ‘the funds under the said revised market borrowing program will be raised, from time to time, during the financial year 2023–24, with the approval of the competent authority as per powers delegated in this regard by the Board of Directors.’

Previous to this, the Gujarat government signed an initial agreement with Power Finance Corporation to supply complete financial support for the state’s generation, transmission, and distribution projects.

In the presence of Gujarat Chief Minister Bhupendra Patel, Parminder Chopra, CMD PFC, and Jai Prakash Shivhare, MD (GUVNL), signed the Memorandum of Understanding.

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