Power Finance Corporation (PFC) on Tuesday secured approval from the Reserve Bank of India (RBI) to establish a wholly-owned finance company. The company is strategically planning to form a subsidiary within the International Financial Services Centre (IFSC) located in GIFT City, Gujarat.

According to the no objection letter issued by the RBI on January 9, 2024, PFC is now officially sanctioned to establish a finance company as a wholly-owned subsidiary within the IFSC in GIFT City, Gujarat. In response to this significant development, PFC conveyed in a filing to the Bombay Stock Exchange (BSE) that its foray into the IFSC is expected to unlock fresh business prospects and strengthen its global presence.

As an infrastructure finance company operating under the Ministry of Power, PFC remains committed to expanding its reach, and this strategic move into the IFSC aligns seamlessly with its broader organizational goals.