Power Finance Corporation (PFC) on Tuesday received approval from the Reserve Bank of India (RBI) to establish a wholly-owned finance company. The company is strategizing to create a subsidiary within the International Financial Services Centre (IFSC) situated in GIFT City, Gujarat.
As per the no objection letter issued by the RBI on January 9, 2024, PFC is now authorized to set up a finance company, functioning as a wholly-owned subsidiary, at the IFSC in GIFT City, Gujarat. In response to this development, PFC expressed in a BSE filing that its entry into the IFSC is anticipated to unlock new business opportunities and solidify its global presence.
As an infrastructure finance company operating under the Ministry of Power, PFC continues to expand its horizons, and this move into the IFSC aligns with its broader strategic goals.
