Business

Power Finance Corporation Gets Maharatna Business Status

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Power Finance Corporation has been granted the Maharatna company statusGovernment has accorded Maharatna status to Power Finance Corporation (PFC), thus making it the 11th state-owned entity in the country to go into the sought after classification and now joins the ranks of other such companies like ONGC, Indian Oil Corporation, Steel Authority of India Limited (SAIL) and BHEL amongst others.The improved status will make it possible for PFC, which is the biggest facilities company in the country, to make equity financial investments, form monetary joint endeavors as well as wholly-owned subsidiaries and also manage mergers and acquisitions within the nation in addition to abroad.

Maharatna status is granted to a company which has recorded more than Rs 5,000 crore of net profit for 3 consecutive years, a typical annual turnover of Rs 25,000 crore for three years or should have a typical yearly net worth of Rs 15,000 crore for three years.

It must likewise have international operations or footprints.PFC was integrated in 1986 and comes under the jurisdiction of the Union Power Ministry.Power Minister R K Singh while congratulating the company for achieving the Maharatna status, revealed hope that PFC will now have the ability to accomplish the government's program of funding under the National Infrastructure Pipeline and likewise the objective of accomplishing 40 percent green energy target by 2030.

PFC chairman R S Dhillon said that even throughout Coronavirus pandemic, the business had actually taped excellent financials and witnessed the greatest ever sanctions and dispensations to the power sector totaling Rs 1.66 lakh crore and Rs 88,300 crore respectively in 2020-21.




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