Power Finance Corporation Ltd. (PFC), a Maharatna CPSE and the leading NBFC in the power sector, has signed an MoU with the Government of Gujarat (GoG), in Gandhinagar on January 3, 2024.

The chief objective of this MoU is to provide comprehensive financial backing for the state's generation, transmission, and distribution projects.

The MoU has been signed by Parminder Chopra, CMD PFC and Jai Prakash Shivhare, MD (GUVNL) in the presence of Bhupendra Patel, Chief Minister of Gujarat, Rushikesh Patel, Minister of Health & Family Welfare, Higher & Technical Education, Law & Justice, Govt. of Gujarat,  Raj Kumar Chief Secretary, Govt. of Gujarat, S J Haider, Additional Chief Secretary, Govt. of Gujarat, Mamta Verma, Principal Secretary (Energy & Petrochemicals Department), R K Chaturvedi, Executive Director (Projects), PFC and other Senior Officials of PFC, GUVNL and other power utilities.

Under the terms of the MoU, the envisaged financial assistance stands at an impressive Rs. 25,000 Crore, dedicated to powering up various projects across Gujarat.

This substantial financial commitment underscores PFC's steadfast commitment to bolstering the power infrastructure in the region and supporting the state's ambitious initiatives in the power sector.

Apart from facilitating the expansion of power infrastructure, the MoU shall inter-alia also help creating employment generation to the tune of 10,000 in the state of Gujarat.