Power Finance Corporation (PFC) reported a consolidated net profit of Rs 8,998 crore for Q1 FY27, broadly unchanged from Rs 8,981 crore in Q1 FY26. On a standalone basis, net profit increased 5.4% to Rs 4,745 crore from Rs 4,515 crore a year earlier. The board also approved an interim dividend of Rs 3.90 per…
ACME Solar Holdings Limited has secured long-term project funding of Rs 3,404.57 crore from Power Finance Corporation Limited (PFC) for its 250 MW Firm and Dispatchable Renewable Energy (FDRE) project being developed through ACME Urja One Private Limited (Phase-III). PFC is the sole financier for the project, with the debt carrying a repayment tenor of…
In a historic development for India’s power sector, the boards of Power Finance Corporation Limited (PFC) and REC Limited have approved a Scheme of Merger under Sections 230 to 232 of the Companies Act, 2013, for the amalgamation of REC into PFC. According to the companies, the merger will create a government-owned financing entity with…
Power Finance Corporation Limited (PFC) has appointed V. Packirisamy as Director (Commercial) and Pankaj Gupta as Part-time Non-Official Director on its Board, following orders issued by the Ministry of Power. The Board approved the appointments on June 24, 2026. Packirisamy assumed charge on June 2, 2026, while Gupta took charge on June 22, 2026. Packirisamy’s…
Power Finance Corporation Limited (PFC) and REC Limited have received the approval of the Hon’ble President of India for the proposed merger of REC into PFC, according to regulatory filings made by both companies. The Ministry of Power, through a letter dated June 10, 2026, communicated the approval of the competent authority for the proposed…
Power Finance Corporation has announced the transfer of NERGS III Siang Basin Transmission Limited, a wholly owned subsidiary of PFC Consulting Limited, to Dineshchandra R Agrawal Infracon Private Limited (DRAIPL). The transfer was completed on May 26, 2026, following a competitive bidding process. The Special Purpose Vehicle (SPV) was created for the development of the…
PFC Consulting Limited (PFCCL), a wholly owned subsidiary of state-owned Power Finance Corporation Limited, and REC Limited have incorporated new special purpose vehicles (SPVs) for transmission projects in Maharashtra, Rajasthan, and Gujarat. The developments were disclosed through regulatory filings dated May 8-9, 2026. PFCCL incorporated two wholly owned subsidiaries, Western Ghats PSP Transmission Limited and…
Power Finance Corporation Limited (PFC) has announced the incorporation of Fatehgarh II Transmission Limited as a wholly owned subsidiary of PFC Consulting Limited (PFCCL), which is itself a wholly owned subsidiary of PFC. The special purpose vehicle (SPV) has been formed for the installation of two Synchronous Condenser (SynCon) units at the 765/400/220 kV Fatehgarh-II…
REC Limited has appointed Shri Rajesh Kumar Agarwal, Director (Finance) at Power Finance Corporation Limited (PFC), as PFC’s Nominee Director on its Board with effect from May 1, 2026. The appointment was approved by the Ministry of Power, Government of India, through an Office Order dated May 6, 2026. The induction has been made under…
Power Finance Corporation Limited (PFC) has initiated a major restructuring following the Union Budget 2026–27, with its Board approving in-principle a merger with its subsidiary, REC Limited. The Board has also approved the withdrawal of PFC’s nominee director from the board of PTC India Limited, along with the surrender of all related promoter rights. In…