PFC Infra Finance IFSC Ltd Receives Approval to Operate from GIFT City

Power Finance Corporation announced recently that its subsidiary, PFC Infra Finance IFSC Ltd (PIFIL), has received approval from the International Financial Services Centres Authority (IFSCA) to begin operations as a finance company in GIFT City, Gujarat. PIFIL is set to become the first finance company in the International Financial Services Centre (IFSC) specifically focused on lending to the power and infrastructure sectors.

The new entity aims to provide lending services in India and internationally, catering to both government and private sector players. Establishing PIFIL is expected to enhance PFC's global presence and bolster India's status as a global financial hub.

K Rajaraman, Chairperson of IFSCA, presented the Certificate of Registration (CoR) to Parminder Chopra, Chairperson of both PFC and PIFIL.

"As we commence operations, our primary focus will be on funding for energy transition projects, aligning with India's commitment to promoting clean energy sources," Chopra stated.

ET