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Updated on: Wednesday, October 13, 2021, 05:46 PM IST

Government accords highest recognition of “Maharatna” status to PFC

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The Govt. of India has accorded the prestigious ‘Maharatna’ status to the state-owned Power Finance Corporation Ltd (PFC), thus giving PFC greater operational and financial autonomy. An order to this effect was issued on October 12, by the Department of Public Enterprises, under the Ministry of Finance. Incorporated in 1986, PFC is the largest Infrastructure Finance Company today, exclusively dedicated to Power Sector under the administrative control of the Ministry of Power.

The grant of ‘Maharatna’ status to PFC will impart enhanced powers to the PFC Board while taking financial decisions. The Board of a ‘Maharatna’ CPSE can make equity investments to undertake financial joint ventures and wholly-owned subsidiaries and undertake mergers and acquisitions in India and abroad, subject to a ceiling of 15% of the Net Worth of the concerned CPSE, limited to Rs.5,000 crore in one project. The Board can also structure and implement schemes relating to personnel and Human Resource Management and Training. They can also enter into technology Joint Ventures or other strategic alliances among others.

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Published on: Wednesday, October 13, 2021, 05:46 PM IST
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