State-owned Power Finance Corporation (PFC) on Tuesday announced that it has sanctioned Rs 15,000 crore loans for various projects and also forayed into funding of airport projects.

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"To reaffirm its commitment towards developing the power sector of the North Eastern Region, PFC held its recent board meeting in Shillong, Meghalaya," a BSE filing said.

PFC has sanctioned loans amounting to Rs 15,000 crore for various projects during its board meeting, it stated.

As part of its diversification strategy and funding for infrastructure projects, PFC sanctioned its maiden financing for a greenfield airport project in Andhra Pradesh, it added.

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PFC's board of directors also reviewed strategic agendas pertaining to the company's business diversification strategy, including exploring avenues for expanding the business into new market segments and accelerating the funding in the renewable space, the current domestic and international market scenario and its impact on PFC's borrowing cost, and strengthening of internal systems to improve asset quality.

PFC is playing a pivotal role in financing India's energy transition goals apart from funding power & infrastructure sectors and is also implementing key power sector initiatives of the government of India, including revamped distribution sector scheme (RDSS) and late payment surcharge (LPS) rules, it stated.

Shares of Power Finance Corporation Ltd ended at Rs 251.05, down by Rs 0.85, or 0.34 percent on the BSE.

First Published:Oct 3, 2023 3:20 PM IST