PFS to Utilize Rs 135 Crore IT Refund in Eco-friendly Infra Projects including EV Charging

Power sector focused a non-banking finance company (NBFC) PTC India Financial Services (PFS) on Monday said that it is planning to use its income tax refund of about Rs 134.91 crore for FY19 for the development of various sustainable and environmental-friendly infrastructure projects including electric vehicle (EV) charging stations.

July 27, 2020. By Manu Tayal

Power sector focused non-banking finance company (NBFC) PTC India Financial Services (PFS) on Monday said that it is planning to use its income tax refund of about Rs 134.91 crore for FY19 for the development of various sustainable and environmental-friendly infrastructure projects including electric vehicle (EV) charging stations.

Moreover, the refund amount also includes an interest of around Rs 5.81 crore.

PTC India promoted PFS said in a statement that “Income Tax (IT) Department has processed its return of income u/s 143(1) for Assessment Year (AY) 2019-20 (Financial Year 2018- 19) and determined refund of Rs 1,34,91,90, 226 which includes interest of Rs 5,80,99,100.”  

“The above refund is expected to be received shortly, and once the funds are received these would be utilized in financing sustainable environmental friendly infrastructure projects related to green energy, water sewage treatment plan, electric vehicle charging station etc,” it added.

PFS, a subsidiary of PTC India, offers an array of financial products to infrastructure companies in the entire energy value chain and other infrastructure industries. The company also provides fee-based services like loan syndication and underwriting.

Buoyed by the development, scrips of the company were trading at Rs 15.16 apiece, up 1.54 per cent from the previous close on the exchange, at 14:32 hours on Monday.

Recently, PTC India has invited bids from interested bidders for acquiring controlling stake in PFS, which was delayed on the back of ongoing Covid-19 pandemic.

The company has received requisite internal approvals to reinitiate the process of exploring opportunities for monetizing it’s investment in subsidiary PFS. Therefore, PTC India hereby invites potential purchasers and investors to submit their interest, it said in a statement earlier.

As of March 2020, PTC India held 64.99 per cent controlling stake in PTC India Financial Services.

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