PFC gets RBI nod to set up wholly-owned finance company in Gujarat

New Delhi: Power Finance Corporation (PFC) on Tuesday received approval from the Reserve Bank of India (RBI) to set up a wholly-owned finance company in Gujarat.

The company is planning to set up a subsidiary at the International Financial Services Centre (IFSC) in GIFT City, Gujarat.

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PFC is in receipt of the no objection letter dated January 9, 2024, from the RBI for setting up a finance company (as a wholly-owned subsidiary) at IFSC in GIFT City, Gujarat.

"PFC's entry into the IFSC is expected to open up new business opportunities and establish PFC's global presence," PFC said in a BSE filing.

Under the Ministry of Power, PFC is an infrastructure finance company.

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