Surat: Power Finance Corporation (PFC) recently obtained approval from the Reserve Bank of India (RBI) to establish a wholly-owned finance company within the Gujarat International Finance Tec-City (GIFT City).
A regulatory filing confirms that PFC has received a no objection letter from the RBI, paving the way for the establishment of a finance company as a wholly-owned subsidiary in the GIFT City. PFC Chairman and Managing Director Parminder Chopra highlighted the strategic advantages of the International Financial Services Centre (IFSC) platform in GIFT City, citing its conducive environment for international lending activities and world-class infrastructure.
“We are confident that PFC will leverage these advantages to carve a niche for itself in the global market,” stated Chopra. The filing further predicts that PFC’s foray into the IFSC will unlock novel business opportunities and bolster its global presence.
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