Govt appoints V Packirisamy as Director (Commercial) of PFC

New Delhi: The Central Government has appointed V. Packirisamy as Director (Commercial) of Power Finance Corporation Limited (PFC) with effect from June 2. Prior to his elevation to the board-level position, he was serving as Executive Director (Entity Appraisal & IT) in the same organisation.

Packirisamy was recommended for the post of Director (Commercial) of PFC by the PESB panel on February 9. He was among 10 candidates, who were interviewed the PESB panel in its selection meeting held on February 9.

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Packirisamy holds a Bachelor of Engineering (Mechanical) degree and an M. Tech in Management and Systems from Indian Institute of Technology Delhi. With more than three decades of experience in the power sector and infrastructure finance, he has played a significant role in strengthening PFC’s appraisal, risk management and lending frameworks.

Packirisamy began his professional career in 1989 and joined PFC in 1997. During his nearly three-decade-long association with the company, he has been instrumental in expanding the organisation’s operations and enhancing its appraisal and credit assessment capabilities, contributing substantially to the growth of PFC’s loan portfolio.

Over the years, he has led and contributed to several important institutional initiatives. These include the development of methodologies for categorising state generation and transmission utilities, formulation of the Integrated Rating Framework for power distribution companies approved by the Ministry of Power, and preparation of appraisal policies for private sector entities.

He also played a key role in establishing systems for online loan applications, preliminary appraisal mechanisms and appraisal frameworks for renewable energy projects, helping modernise and streamline PFC’s lending processes.

Packirisamy has served on the Shunglu Committee constituted by the Prime Minister’s Office and has been a member of PFC’s Lending Policy Committee as well as several executive committees responsible for approving large-value loans. He has also contributed to aligning PFC’s credit concentration norms with the guidelines of the Reserve Bank of India.

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Apart from his responsibilities at PFC, he serves as a nominee director on the Board of Telangana North Discom and is the President of the Power Foundation of India. In his new role as Director (Commercial), he is expected to further strengthen PFC’s commercial operations, entity appraisal processes and credit oversight framework while supporting the company’s continued growth in the power and infrastructure financing space.

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