Latest News | PFC Incorporates Subsidiary at GIFT City in Gujarat

New Delhi, Feb 13 (PTI) State-owned PFC Ltd on Tuesday said it has incorporated a wholly-owned subsidiary at the International Financial Services Centre (IFSC) GIFT City, Gujarat.

The subsidiary, PFC Infra Finance IFSC Ltd, was officially incorporated on February 11 following a no-objection letter from the Reserve Bank of India (RBI) on January 9, 2024, for setting up of the finance company at IFSC GIFT City.

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"It has incorporated its wholly owned subsidiary, PFC Infra Finance IFSC Ltd, in the International Financial Services Centre (IFSC) GIFT City, Gujarat. This is a landmark development as PFC will be the first Government NBFC to establish a finance company in IFSC," the Power Finance Corporation Ltd (PFC) said in a statement.

PFC CMD Parminder Chopra said, "PFC Infra Finance IFSC will focus on providing financial solutions for infrastructure projects across various sectors, including renewable energy, and help in taking PFC's brand to a global level."

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(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)