|Our Company was incorporated on July 16, 1986 under the Companies Act as a public limited company, registered with the RoC, National Territory of Delhi and Haryana and received the certificate for commencement of business on December 31, 1987. Our Company was incorporated as a financial institution to finance, facilitate and promote IndiaÂs power sector development and was notified as a public financial institution under Section 4A of the Companies Act in August 31, 1990.
Our Company is not operating under any injunction or restraining order.
Infrastructure Finance Company
On July 28, 2010, our Company was classified as an Infrastructure Finance Company ("IFC"). As an IFC we are able to raise funds on a cost competitive basis.
On June 22, 2007, our Company was notified as a Navratna company by the GoI. As a Navratna company, we are eligible for enhanced delegation of powers to our Board, including (a) the power to incur capital expenditure without governmental approval upto a specified limit; (b) ceiling on equity investment to establish financial joint ventures and wholly owned subsidiaries in India or abroad to be 15% of the net worth of our Company in a single project limited to ` 10,000 million and the overall ceiling on such investments in all projects put together
to be 30% of the net worth of our Company; (c) power to enter into mergers and acquisitions subject to certain conditions; and (d) the Board has the power to further delegate the powers relating to human resource management (appointments, transfers, postings, etc,) of executives below Board level to sub-committees of the Board or to executives of our Company as may be decided by the Board.
Changes in registered office
At the time of incorporation, the registered office of our Company was situated at Room No. 627, Shram Shakti Bhawan, Rafi Marg, New Delhi 110 001, India. On March 25, 1988, the registered office of our Company was shifted to Chandralok, 36, Janpath, New Delhi 110 001, India. Subsequently, on September 23, 2006, the registered office of our Company was shifted to "Urjanidhi", 1 Barakhamba Lane, Connaught Place, New Delhi - 110 001 for ensuring administrative and operational efficiency.
In addition to the events described above, the following table illustrates the major events in the history of our Company since its incorporation.
Calendar Year Event
1986 Incorporation of our Company.
1987 Certificate of commencement of business received.
1988 Commencement of lending activities;
Evolution of broad operational policies identifying priority areas for providing financial assistance; and
Formulation of short term, medium term and long-term strategies for operations.
1989 Provided first guarantee to Mitsui and Company, Japan for payment of principal, for Rupees equivalent to Japanese Yen 27.39 billion for supplier credit made available to Uttar Pradesh State Electricity Board for setting up of 1,000 MW Anpara B Thermal Power Project.
1990 Declared as a public financial institution under section 4A of Companies Act.
1991 Conferred with a license to deal in foreign exchange in the power sector.
1992 Project on Energy Management Consultation and Training made operational with the objective to bring about improvement in the efficiency of the energy supply component of the power sector with the help of USAID.
1993 First MoU with GoI in relation to operational targets and rated excellent on the basis of all round performance for the same.
1994 Company declared maiden dividend to the GoI.
1996 Started funding private power projects.
1998 - Registered as an NBFC;
- Declared a Mini Ratna (Category I); and
- Promoted PTC India Limited as joint venture with NTPC Limited and Powergrid Corporation of India Limited.
1999 Launched consultancy services in order to provide consultancy services to both state owned and private power utilities for the power and financial sectors.
2003 Appointed by the MoP as a nodal agency to fund the India Power Fund scheme to catalyze the process of fresh equity investment in the power sector.
2004 Project appraisal system certified as ISO 9001.
2005 Entered into MoU with LIC and ten leading public sector banks for consortium financing of power projects.
2006 Set up seven subsidiary companies for developing UMPPs; and
Our disbursement crossed Rs. 100,000 million.
2007 - Incorporation of 4 new subsidiaries 2 for developing UMPPs and 2 for developing ITPs;
- Listing of our Equity Shares on the Stock Exchanges.
- Declared as a Navratna PSU.
2008 - Appointed as nodal agency for APDRP;
- Three of our SPVs/subsidiaries namely Coastal Gujarat Power Limited for Mundra UMPP in Gujarat, Sasan Power Limited for Sasan UMPP in Madhya Pradesh and Coastal Andhra Power Limited for Krishnapatnam UMPP in Andhra Pradesh were transferred to the successful bidders;
- Launch of R-APDRP programe; and
- Incorporation of a new subsidiary namely PFC Consulting Limited for undertaking consultancy assignment in the power sector.
2009 - PFCCL appointed as the bid process coordinator for ITPs;
- Jharkhand Integrated Power Limited SPV/subsidiary established for Tilaiya UMPP in Jharkhand transferred to the successful bidder; and
- Our Company featured in the list of top 500 Global Financial Brands 2009.
- Received ISO 9001:2008 certification; and Registered with the RBI as an Infrastructure Finance Company.
- PFC - MOU between PFC & NPCIL
- Public issue of long term infrastructure bonds.
- Empowered Group of Ministers (EGoM) approved for the Issue Price for PFC's FPO.
- Incorporated a wholly-owned subsidiary Company namely Power Finance Corporation Green Energy Ltd
-PFC - incorporated a Special Purpose Vehicle (SPV), as a wholly-owned subsidiary Company namely Deoghar Mega Power Limited
-Power Finance Corp disburses Rs 7,400 cr loan to 5 sick Discoms
- PFC - Incorporation of four Special Purpose Vehicles (SPVs) as wholly owned subsidiaries by PFC Consulting Limited, a wholly owned subsidiary of Power Finance Corporation Limited (PFC).
- Power Finance Corporation - wholly-owned subsidiary, PFC Green Energy Ltd is expected to commence its operations by the month of March.
- PFC have allotted no. of equity shares of Rs. 10/- each of the Company to the Employees upon exercise of stock options under the Companys Employee Stock Option Scheme i.e. PFC ESOP 2010 Scheme.
- PFC informed Transfer of wholly owned subsidiary of PFC Consulting Ltd.
- Power Finance Co informed - Incorporation of Two (2) wholly Owned Subsidiaries of Power Finance Corporation Ltd, Cheyyur Infra Ltd. and Odisha Infrapower Ltd.
- Power Finance Co - Transfer of wholly owned subsidiary of PFC Consulting Ltd
- Power Finance Corporation (PFC) may extend a Rs 15,000-crore loan to the Andhra Pradesh government to improve power sector infrastructure facilities, it was officially announced.
- The Securities and Exchange Board of India has granted a certificate of registration as a Debenture Trustee to PFC Capital Advisory Services Limited, a wholly owned subsidiary of Power Finance Corporation Limited (PFC).
-PFC achieves MOU Targets of Financial Year 2014-15 for Sanctions and Disbursements
-Power Finance Corporation (PFC) has incorporated Bihar Mega Power Limited as its wholly-owned subsidiary
-Power Finance Corporation Ltd (PFC) has incorporated Jharkhand Infrapower Ltd as a wholly owned subsidiary of the company
-Power Finance Corporation acquires 23% stake in SMHPCL
-Power Finance Corporation Ltd. has been conferred with Governance NowPSU Award 2016
-PFC received the prestigious 'Rajbhasha Kirti Pratham Puruskar' (in the category of region ÂAÂ) for the year 2015-16