Gujarat: PFC Infra Finance IFSC Limited (PIFIL), a wholly owned subsidiary of Power Finance Corporation Limited (PFC), has received approval from the International Financial Services Centres Authority (IFSCA) to commence business as a Finance Company in the International Financial Services Centre (IFSC) at GIFT City, Gujarat. This makes PIFIL the first finance company in the IFSC dedicated to power and infrastructure lending.
As part of India’s largest non-banking financial company (NBFC) group, PIFIL will offer foreign currency lending to both government and private players, targeting power and infrastructure projects in India and internationally. The establishment of PIFIL is expected to position PFC as a global financial brand, further strengthening India’s ambition to emerge as a global financial hub.
K. Rajaraman, Chairperson of IFSCA, congratulated PFC for being the first government NBFC to receive the Certificate of Registration (CoR) as a Finance Company for its IFSC subsidiary. He emphasized the growing need to finance renewable energy projects as part of the global push towards Net Zero and expressed optimism about PIFIL’s role in supporting this goal.
The CoR was officially handed over by Shri Rajaraman to Parminder Chopra, Chairperson of PFC and PFC Infra Finance IFSC Limited, during the ceremony.
Speaking on the occasion, Parminder Chopra expressed pride in the milestone achievement, stating, “We are honored to be the first finance company in the IFSC focused on infrastructure, including power sector lending. As we commence operations, our focus on funding the energy transition aligns with India’s strong push towards clean energy sources. With our extensive experience in India’s power sector, we are confident that PIFIL will significantly contribute to the growth and success of IFSC, as well as to India’s financial prominence on the global stage.”