Latest News | PFC Gets RBI Nod to Set Up Wholly-owned Finance Company in Gujarat

New Delhi, Jan 9 (PTI) Power Finance Corporation (PFC) on Tuesday received approval from the Reserve Bank of India (RBI) to set up a wholly-owned finance company.

The company is planning to set up a subsidiary at the International Financial Services Centre (IFSC) in GIFT City, Gujarat.

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PFC is in receipt of the no objection letter dated January 9, 2024, from the RBI for setting up a finance company (as a wholly-owned subsidiary) at IFSC in GIFT City, Gujarat.

"PFC's entry into the IFSC is expected to open up new business opportunities and establish PFC's global presence," PFC said in a BSE filing.

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Under the Ministry of Power, PFC is an infrastructure finance company.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)