New Delhi: Power Finance Corporation (PFC) Limited Ltd on Tuesday said it has incorporated a wholly-owned subsidiary at the International Financial Services Centre (IFSC) GIFT City, Gujarat.
The subsidiary, PFC Infra Finance IFSC Ltd, was officially incorporated on February 11 following a no-objection letter from the Reserve Bank of India (RBI) on January 9, 2024, for setting up of the finance company at IFSC GIFT City.
"It has incorporated its wholly owned subsidiary, PFC Infra Finance IFSC Ltd, in the International Financial Services Centre (IFSC) GIFT City, Gujarat. This is a landmark development as PFC will be the first Government NBFC to establish a finance company in IFSC," the Power Finance Corporation Ltd (PFC) said in a statement.
PFC CMD Parminder Chopra said, "PFC Infra Finance IFSC will focus on providing financial solutions for infrastructure projects across various sectors, including renewable energy, and help in taking PFC's brand to a global level."