HomeBusiness ›PIFIL Receives Approval from IFSCA to Start Business as Finance Company in IFSC GIFT City Gujarat

PIFIL Receives Approval from IFSCA to Start Business as Finance Company in IFSC GIFT City Gujarat

PFC Infra Finance IFSC Ltd., a subsidiary of Power Finance Corporation, has received approval from IFSCA to begin operations as the first finance company in IFSC GIFT City, focusing on power and infrastructure lending in India and abroad.

October 17, 2024. By Mrinmoy Dey

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

The CoR was handed over by K. Rajaraman, Chairperson, IFSCA to Parminder Chopra, Chairperson PFC and PFC Infra Finance IFSC Ltd.

PIFIL, 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. “The company 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,” said the company in a statement.

Chopra commented, “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.”

She further added, “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.”

Rajaraman emphasised the need for fulfilling the gap for financing renewables towards Net Zero achievement and was positive about the role in which PIFIL can contribute to achieving the goal.
Please share! Email Buffer Digg Facebook Google LinkedIn Pinterest Reddit Twitter
If you want to cooperate with us and would like to reuse some of our content,
please contact: contact@energetica-india.net.
 
 
Next events
 
 
Last interviews
 
Follow us