The government has accorded “Maharatna” status to Power Finance Corporation (PFC), thus making it 11thth State owned entity in the country to enter the prestigious category and now join the ranks of other companies like ONGC, Indian Oil Corporation, Steel Authority of India Limited (SAIL) and BHEL.
The enhanced status will enable PFC, the country’s largest infrastructure company, to make equity investments, form financial joint ventures as well as wholly owned subsidiaries and oversee mergers and acquisitions within the country as well as abroad. can.
“Maharatna” status is given to a company that has recorded a net profit of more than Rs 5,000 crore for three consecutive years, an average turnover of Rs 25,000 crore for three years or an average annual net worth of Rs 15,000 for three years Crores should be Rs. years. It should also have global operations or footprints.
PFC was incorporated in 1986 and comes under the jurisdiction of the Union Ministry of Power.
Congratulating the company for achieving Maharatna status, Power Minister RK Singh expressed hope that PFC will now be able to achieve the government’s funding agenda under the National Infrastructure Pipeline and to achieve the 40 per cent green energy target by 2030. The goal will also be achieved. .
PFC Chairman RS Dhillon said that even during the coronavirus pandemic, the company had registered good financials and saw highest sanctions and disbursements of Rs 1.66 lakh crore and Rs 88,300 crore respectively to the power sector in 2020-21.