Management Details

As on date, the Board of Directors of PFC comprises of the following: 

Shri Ravinder Singh Dhillon, Chairman & Managing Director

Smt. Parminder Chopra, Director (Finance)

Shri Rajiv Ranjan Jha, Director (Projects)

Shri Manoj Sharma, Director (Commercial)

Shri Ajay Tewari, Government Nominee Director 

Shri Bhaskar Bhattacharya, Independent Director 

Smt. Usha Sajeev Nair, Independent Director

Shri Prasanna Tantri, Independent Director

About the Company

PFC was incorporated on July 16, 1986, as a part of Government of India’s initiative to enhance funding to power projects in India, with an objective to provide financial resources and encourage flow of investments to the power and associated sectors. PFC provides fund and non-fund based support for the development of the Indian Power Sector.

PFC is a Maharatna CPSE under the administrative control of the Ministry of Power. Ranked 365th in the world in terms of assets as per Forbes Global 2021 report, PFC has been ranked 29th out of Top 500 list of Indian companies by the Fortune Magazine 2020. The regional offices of PFC are located in Mumbai, Maharashtra and Chennai, Tamil Nadu.

PFC is a member of associations such as SCOPE, Central Board of Irrigation and Power, Confederation of Indian Industry (CII) and the World Energy Council. PFC is the strategic partner of the government of India for the overall development of the Indian power sector. PFC acquired Govt. of India’s 52.63% equity stake in REC Limited in March 2019. Post-acquisition, PFC has become the largest IFC and largest Govt. owned NBFC. The Company is ranked 365th in terms of assets among Global Public Companies, according to Forbes 2021 rankings. The company has the highest long-term domestic rating of ‘AAA’.

Business Operations

PFC is a specialized financial institution in the power sector with about 20% market share. Since its inception, PFC has shown consistent growth in assets and is currently a leading player in the power sector with cumulative Sanctions of over Rs. 10 trillion and cumulative Disbursements of Rs. 7.5 trillion, supporting an installed capacity of about 160 GW.

The corporation is designated as a Nodal Agency for various Govt. of India schemes for power sector, including Revamped Distribution Sector Scheme (RDSS), Integrated Power Development Scheme (IPDS) and for development of Ultra Mega Power Projects (UMPPs). The Company offers consultancy services in the power sector through its wholly owned subsidiary PFC Consulting Limited (PFCCL). PFCCL is also the Bid Process Coordinator for development of Independent Transmission Projects (ITPs).  

PFC has been assisting the State Power Utilities in their reform and restructuring program. PFC publishes annual performance report on state power utilities and is also involved in publishing the annual integrated rating of power distribution companies. These reports are widely used by stakeholders including policy makers, power project developers, lenders, equity analysts and regulators in decision making. 

Following are some of the products and services offered by PFC:

1. Fund-based products

(a) Project term loans 

(b) Debt refinancing

(c) Short-term loans/ Medium term loans

(d) Corporate Loans 

(e) Reforms linked transitional loans

(f) Buyers’ Line of Credit 

(g) Lease financing 

(h) Grants/interest free loans for studies/consultancies

2. Non-fund-based products

(a) Underwriting of debt and loan syndication services

(b) Guarantees and Letter of Comfort 

(c) Consultancy Services

PFC is a socially responsible entity committed to improve quality of life of society at large. PFC has a robust Corporate Social Responsibility and Sustainability Policy and has implemented a wide range of projects in the fields of Environment Sustainability, Healthcare, Sanitation & Drinking water and Skill development.

Recent Highlights of PFC

FY 2021-22 was a year of growth and consolidation for PFC. We achieved our highest ever PAT of Rs 10,022 Cr (Standalone)

On a consolidated basis, the company earned net profit of Rs 18,768 crore, a 19% increase from FY 2020-21. At the end of the fiscal year, PFC’s loan assets stood at Rs 3.73 lakh crore on standalone basis and Rs 7.59 lakh crore on consolidated basis.

PFC’s net worth surpassed the Rs. 60,000 Cr mark, consolidating its position as the largest lender in the Indian power sector

The corporation witnessed its lowest NPA levels in last six years

PFC has recently mobilized EUR 300 million through Green Euro bonds. The issue was the first ever Euro denominated Green bond issuance from India and also the first ever Euro issuance by an Indian NBFC. In September 2021, PFC issued its first ever Euro Green Bonds amounting to EUR 300 million at a coupon rate of 1.841%. This was the first ever Euro denominated Green Bond issuance from India and the bonds are listed on the Singapore Stock Exchange, India INX and NSE IFSC. The funds raised under Green bonds have been utilized to finance renewable energy projects in line with PFC’s Green Bond Framework. 

PFC is eligible to raise capital gain bonds under Section 54EC. PFC increased its 54 EC Bond mobilisation by 1.5 times in FY 2021-22 compared to the previous fiscal. These bonds have a low coupon of 5% and are an important source of low cost funds. PFC continues to enjoy the highest domestic credit ratings for its long term and short term borrowing programmes. 

PFC and its subsidiary REC are the dedicated funding agencies for the Liquidity Infusion Scheme as part of Aatmanirbhar Bharat Abhiyaan. Under the scheme, Rs. 1.34 trillion has been sanctioned and Rs. 790 bn disbursed, ensuring liquidity in the power sector during the pandemic period 

PFC is diversifying to other infrastructure areas like e-mobility, utility scale energy storage, refinery, metro rail, ports etc. 

PFC has supported renewable energy capacity addition of 18 GW, which is 16% of the country’s installed renewable energy capacity. PFC’s renewable energy assets grew at a CAGR of 32% in the last 5 years. 

PFC’s cumulative CSR spending has surpassed Rs 1,000 crore to date. PFC has taken a wide range of initiatives in the areas of healthcare, sanitation, & drinking water, skill development and environmental sustainability. 

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