India Business Journal - PFC arm PIFIL gets nod to set up a company in IFSC GIFT City Gujarat

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PFC arm PIFIL gets nod to set up a company in IFSC GIFT City Gujarat

IBJ Bureau
Oct 17, 2024

PFC Infra Finance IFSC (PIFIL), a wholly-owned subsidiary of Power Finance Corporation (PFC), has received approval from International Financial Services Centres Authority (IFSCA) to commence business as a finance company in IFSC GIFT City Gujarat.

PIFIL, a part of India’s largest non-banking financial company (NBFC) group, will be the first finance company in IFSC dedicated to power and infrastructure lending. PIFIL aims to provide lending in India and in other countries in foreign currency, catering to both government and private players. The establishment of PIFIL will position PFC as a global brand and contribute to strengthening India's position as a global financial hub.

IFSCA Chairperson K Rajaraman congratulated PFC for being the first government NBFC to receive the Certificate of Registration as a finance company for its IFSC subsidiary – PFC Infra Finance IFSC –for undertaking lending business. Mr Rajaraman emphasised the need for fulfilling the gap for financing renewable energy towards net-zero achievement and was positive about the role in which PIFIL could contribute to achieving the goal.

The CoR was handed over by Mr Rajaraman to Parminder Chopra, the chairperson of PFC and PIFIL.

Ms Chopra said: “We are proud to be the first finance company in the IFSC focused on infrastructure, including power sector lending. As we commence operations, funding for energy transition will be a key focus, aligning with India’s strong push towards clean energy sources. We bring a wealth of experience from our successful track record in India’s power sector, and we are confident that our presence will contribute significantly to the growth and success of the IFSC.”