New Delhi [India], October 17 : PFC Infra Finance IFSC Limited (PIFIL), received approval from the International Financial Services Centres Authority (IFSCA) to begin operations as a Finance Company at the International Financial Services Centre (IFSC) in GIFT City, Gujarat.
According to the Ministry of Power, PIFIL will be the first company in the IFSC dedicated to lending in the power and infrastructure sectors.
PFC Infra Finance IFSC Limited is a subsidiary of Power Finance Corporation Limited (PFC).
PIFIL is part of India's largest non-banking financial company (NBFC) group and will offer foreign currency loans to both government and private players. The aim is to provide lending services in India and abroad, contributing to India's growing position as a global financial hub.
"The establishment of PIFIL will position PFC as a global brand and contribute to strengthening India's position as a global financial hub," the Ministry said on Wednesday.
The Certificate of Registration (CoR) was handed over by K. Rajaraman, Chairperson of IFSCA, to Parminder Chopra, Chairperson of PFC and PIFIL.
Rajaraman congratulated PFC for being the first government NBFC to receive the CoR for its IFSC subsidiary and emphasized the importance of financing renewable energy projects to support India's Net Zero target. He also highlighted PIFIL's potential in bridging the financial gap needed for green energy investments.
Parminder Chopra, Chairperson of PFC, expressed pride in leading the first finance company in the IFSC focused on power sector lending.
"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," said Chopra.
She further added that PIFIL would leverage PFC's expertise in the power sector and contribute significantly to the growth of the IFSC.
PIFIL's operations are expected to enhance funding options for infrastructure and clean energy projects, bolstering India's efforts to become a major player in global finance.