New Delhi: Ravinder Singh Dhillon has taken over as the Chairman and Managing Director of the Government-owned Power Finance Corporation (PFC), India's leading NBFC on Monday. Dhillon brings with him close to 36 years of rich and varied experience that spans across the entire value chain of the power sector. Out of this, 27 years is in PFC with experience of financing power sector i.e. generation, transmission and distribution; 6 years in Central Electricity Authority with experience of macro-level planning of power systems & 3 years in Bharat Heavy Electricals Ltd with experience in designing power generating equipment. Prior to this appointment, he was serving as Director (Projects) in the same organisation. Some of his major achievements include his efforts towards geographical diversification by cross border funding of power projects worth almost Rs 9,000 cr related to Nepal and Bangladesh, significant push to refinancing & renewable business leading to accelerated loan growth, resolution of stress in 4 large projects of more than Rs 4000 cr etc.
"PFC's response to COVID-19 has been excellent"- Dhillon
"We all normally meet in the conference hall for various occasions, but because of Covid-19, we are meeting virtually, and this will continue for at least some more time. We should be getting used to this new normal of virtual meetings and work-from-home culture. I stand before you all today to share my thoughts. And to seek support and guidance from each and every member of PFC, to take this Company to even greater heights" Ravinder Singh Dhillon said in his first address as CMD to the PFC employees. "I think the immediate challenge we all are facing is the Corona Virus pandemic. I must say, our response to this as team PFC has been excellent so far. We have all stood together and fought against all odds to make Rs 11,000 cr disbursement possible in the last 3 days of the FY despite the lockdown. We have also brought out a moratorium policy and liquidity package to help the power sector during these testing times" he added.
Outlining the various challenges being faced by the power sector in general and PFC, in particular, Dhillon said "the outbreak of this pandemic & the consequent nation-wide lockdown has created an unprecedented economic disruption. We are uncertain of how prolonged this situation will be. PFC is clearly at crossroads". However, we have to continue our business growth and profitability and also enable overall power sector reform and development, for this, we urgently need to increase our share of 54EC Capital Gain Tax Bonds, open up new avenues like a borrowing facility from RBI and also tap retail going forward in the near term, he said.
"Diversification is the need of the hour"
Stressing on the need to diversify the lending business front the CMD said "we need to diversify our business into new areas, new sectors and also go for geographical diversification. We need to fund areas such as charging infrastructure and electric vehicles, renewable energy sources with substantial storage and also make full efforts to tap business from good business houses. On the power sector liquidity support front, it is envisaged to provide financial assistance of the first tranche of Rs.90,000 Crs liquidity package within 60 days". In his address, Dhillon requested employees to actively interact with States for expediting financial assistance to States within the above-stipulated timelines.
Already some states like Punjab, Uttar Pradesh, Rajasthan, Manipur & Karnataka have evinced interest to avail this package.
Let us all remind ourselves that the PFC has always found a way out of all tough situations and has emerged victorious every time.
In the present contagion times, let the virus not spread but let our team spirit, hard work, dedication and our strive for excellence spread virally in PFC- Ravinder Singh Dhillon, CMD, PFC
He further said that "going forward to seize these opportunities, whole-hearted support from each and every member of the PFC family is of utmost importance to me. We all need to do our best and be the agents of change. Whether one is a PS, an officer, a Manager, a GM, Director or CMD, we all are equal and work towards a common goal for doing our best for the company. I, therefore, believe that unless each and every member of the PFC family contributes positively to his or her own way, we will not be able to overcome these tough times. By working together - and only together - do we succeed".
"As we are all aware today, PFC is ranked 242 in Forbes list of best employers worldwide and we are also the largest PSU in the country with a consolidated asset base of almost $100 billion. PFC owes this success to its small family of 480 employees having the best talent in the industry. Let us all be united as one big family and take this company to even greater heights. Let us all remind ourselves that the PFC has always found a way out of all tough situations and has emerged victorious every time.
In the present contagion times, let the virus not spread but let our team spirit, hard work, dedication and our strive for excellence spread virally in PFC. We have done it in the past, we are doing it today and we are, the team that will do it again" he concluded.
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