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Power Finance Corporation accorded 'Maharatna' status
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SME Times News Bureau | 12 Oct, 2021
The state-owned Power Finance Corporation Ltd (PFC) was on Tuesday
accorded the prestigious 'Maharatna' status, giving it greater
operational and financial autonomy.
An order to this effect was issued by the Department of Public Enterprises, under the Finance Ministry.
Incorporated
in 1986, the PFC is the largest infrastructure finance company,
exclusively dedicated to power sector, and comes under the
administrative control of the Power Ministry.
The grant of
'Maharatna' status to the PFC will impart enhanced powers to its Board
while taking financial decisions. The Board of a 'Maharatna' CPSE can
make equity investments to undertake financial joint ventures and
wholly-owned subsidiaries and undertake mergers and acquisitions in
India and abroad, subject to a ceiling of 15 per cent of the net worth
of the CPSE concerned, limited to Rs 5,000 crore in one project.
The
Board can also structure and implement schemes relating to personnel
and human resource management and training. They can also enter into
technology JVs or other strategic alliances, among others.
"This
new recognition will enable the PFC to offer competitive financing for
the power sector, which will go a long way in making available
affordable and reliable 'Power For All 24x7'. The enhanced powers that
come with Maharatna Status will also help the PFC in pushing the
government's agenda of funding under the National Infrastructure
Pipeline, national commitment of 40 per cent green energy by 2030 and
effective monitoring and implementation of the new revamped distribution
sector Scheme with an outlay of more than Rs 3 lakh crore," Power
Minister R.K. Singh said.
Despite Covid, the PFC witnessed the
highest ever annual sanctions and disbursements to the power sector to
the tune of Rs 1.66 lakh crore and Rs 88,300 crore during FY 2020-21 and
the highest ever profit of Rs 8,444 crore in FY 20210-21. It played a
significant role amid Covid by funding discoms under the liquidity
infusion scheme ('Aatmanirbhar Bharat Scheme') to avert liquidity crisis
in the sector.
"With the enhanced powers of Maharatna, the PFC
will diversify its operations to further accelerate its business growth
going forward and leverage its position for achieving the government's
objectives for the overall development of power sector," PFC Chairman
and Managing Director R.S. Dhillon said.
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