The government has granted “Maharatna” status to the Power Finance Corporation (PFC), making it the 11the public entity of the country to enter the coveted category and now joins the ranks of other companies such as ONGC, Indian Oil Corporation, Steel Authority of India Limited (SAIL) and BHEL among others.
The enhanced status will allow PFC, which is the largest infrastructure company in the country, to acquire stakes, form financial joint ventures as well as wholly owned subsidiaries and also oversee mergers and acquisitions in the country as well as abroad.
‘Maharatna’ status is granted to a company that has recorded more than Rs 5,000 crore in net profit for three consecutive years, an average annual turnover of Rs 25,000 crore for three years or is expected to have net worth annual average of Rs 15,000 crore for three years. It should also have global operations or footprints.
PFC was incorporated in 1986 and falls under the remit of the Union Ministry of Energy.
The Minister of Energy, RK Singh, while congratulating the company for obtaining the status of “Maharatna”, expressed the hope that PFC will now be able to carry out the government funding program under the National Infrastructure Pipeline and also the goal of reaching the target of 40% green energy by 2030..
PFC Chairman RS Dhillon said that even during the coronavirus pandemic, the company had a strong financial performance and witnessed the highest sanctions and disbursements ever made in the power sector, totaling respectively Rs 1.66 lakh crore and Rs 88,300 crore in 2020-21.
The post Power Finance Corporation obtains Maharatna status appeared first on The Bharat Express News.
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