PFC Gets RBI Nod To Set Up Wholly-Owned Finance Company In Gujarat

Power Finance Corp. on Tuesday received approval from the Reserve Bank of India to set up a wholly-owned finance company.

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

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.