The Power Finance Corporation is now a Maharatna Company, accor
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Power Finance Corporation (PFC) has been granted "Maharatna" status by the government, making it the 11th state-owned entity in the country to achieve this distinction. PFC now joins the ranks of other such companies such as ONGC, Indian Oil Corporation, Steel Authority of India Limited (SAIL), and Bharat Heavy Electricals Limited (BHEL), to name a few examples.
Having a more favorable tax treatment will enable PFC, which is the country's largest infrastructure business, to make equity investments, create financial joint ventures and wholly-owned subsidiaries, and manage mergers and acquisitions both inside the country and overseas.A firm is given "Maharatna" status if it has generated net profits of more than 5,000 crores for three consecutive years, has developed an average annual revenue of more than 25,000 crores for three years, or has generated an average annual net value of more than 15,000 crores for three years. As a bonus, it should have worldwide operations or footprints.
The Power Finance Corporation (PFC) was established in 1986 and is governed by the Union Ministry of Power.
While congratulating the company on achieving "Maharatna" status, Power Minister R K Singh expressed hope that PFC will now complete the government's plan of funding under the National Infrastructure Pipeline and achieve a 40 percent share of renewable energy by 2030.PFC chairman R S Dhillon stated that the business had achieved solid financial results even during the Coronavirus pandemic and had experienced the most significant ever sanctions and disbursements to the power industry, which totaled 1.66 lakh crore and 88,300 crores, respectively, in the financial year 2020-21.
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