PFC to fund projects worth Rs 22,000 cr in Madhya Pradesh
- State-owned shadow banking firm Power Finance Corporation (PFC) said it will fund 225 MW hydro electric and other multiple purpose projects worth Rs 22,000 crore in Madhya Pradesh.
- “PFC today entered into an agreement with Narmada Basin Projects Company Ltd (NBPCL), a wholly-owned company of Govt of Madhya Pradesh, to fund projects worth Rs 22,000 crore for 225 MW hydro-electric projects & multipurpose projects in the State of Madhya Pradesh,” the company said in a statement.
- The funds will be deployed by NBPCL for setting up hydroelectric projects of 225 MW and power components of 12 major multipurpose projects in Madhya Pradesh.
- The MoU was signed on a virtual platform by Rajeev Sharma, CMD, PFC and I C P Keshari, Managing Director, NBPCL.
- The Madhya Pradesh government has conducted the pre-feasibility study of these projects and has provided approval for their execution.
- The disbursal of the amount will be linked to the execution of the projects.
- The MoU will help PFC to actively partner with NBPCL and provide finance for hydro-electric plants totalling 225 MW along with power components of multipurpose projects as part of the state government”s endeavour to implement twelve major multipurpose projects.
- Some of the major multipurpose projects that will be financed under the MoU include Basaniya Multipurpose Project Dindori, Chinki Boras Multipurpose Project Narsinghpur Raisen Hoshangabad, Sakkar Pench Link Narsinghpur Chhindwara, and Dudhi Project Chhindwara Hoshangabad.
- Power Finance Corporation Ltd. is an Indian financial institution. Established in 1986, it is the financial back bone of Indian Power Sector. PFC’s Net worth as on 30 September 2018 is INR 383 billion. PFC is the 8th highest profit making CPSE as per the Department of Public Enterprises Survey for FY 2017-18.
- Founded – 16th July 1986
- Headquarters – New Delhi
- Chairman – Rajeev Sharma
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