New Delhi:India’s leading power sector financial institution, Power Finance Corporation (PFC), has been accorded the navratna status. This will enable PFC to invest up to Rs1,000 crore in establishing joint ventures (JV) or setting up subsidiaries in India or abroad without a prior government approval.
Currently, there are eight navratna companies—Oil and Natural Gas Corporation, NTPC Ltd, GAIL India Ltd, Bharat Heavy Electricals Ltd, Hindustan Petroleum Corporation Ltd, Bharat Petroleum Corporation Limited, Steel Authority of India Ltd and Indian Oil Corporation. “This will help us in setting up JVs and add value to our company,” V.K. Garg, PFC chairman and managing director, said.