Maharatna Status to PFC

Maharatna Status to PFC

News: The Centre has accorded ‘Maharatna’ status to the state-owned Power Finance Corporation Ltd (PFC), thus giving PFC greater operational and financial autonomy.

About PFC Ltd.
• Power Finance Corporation Ltd. (PFC) is an Indian financial institution under the ownership of Ministry of Power.Established in 1986, it is the financial backbone of Indian Power Sector.PFC is the 8th highest profit making Central Public Sector Enterprise (CPSE) as per the Department of Public Enterprises Survey for FY 2017–18.It is India’s largest NBFC and also India’s largest infrastructure finance company.
• This new status will enable PFC to offer competitive financing for the power sector, which will go a long way in making available affordable & reliable ‘Power For All 24×7’.
• This will also impart enhanced powers to the PFC Board while taking financial decisions.
• It can make equity investments to undertake financial joint ventures and wholly-owned subsidiaries and undertake mergers and acquisitions in India and abroad.It can also structure and implement schemes relating to personnel and Human Resource Management and Training.
• It can also enter into technology Joint Ventures or other strategic alliances among others.