Borrowings
Most of the PFC's funds are raised through rupee-denominated bonds, which have the highest credit rating in the Indian market and in international markets, rated at par with the Indian sovereign rating. It also borrows short term and long term from various banks and other financial institutions, and raised external commercial borrowings (ECB) through private placement in the US market. PFC is one of the institutions eligible for raising funds through capital gain tax bonds under section 54EC of the Income Tax Act, 1961.
Over the last two-three years, PFC has focused on diversifying its borrowing portfolio by raising funds from international markets. In November 2017, PFC launched its main Green Bond issue for US$400 million, which witnessed the tightest ever spread for any Indian Issuer for its maiden 10-year issue. In the first quarter of the Financial year 2020, PFC has raised about US$1.3 billion from the international markets. Out of this US$1 billion was raised in June 2019, which was the first dual and largest USD bonds transaction for Govt owned Indian NBFC. 
No comment with respect to IP address(es) This was also PFC's first borrowing from the international markets after the successful acquisition of REC Limited.
In 2017, PFC was granted approval by the Ministry of Finance, Govt. of India, to raise funds under section 54EC of the Income Tax Act 1961. PFC was the first company to obtain such approval post the budget announcement in February 2017. PFC has raised more 14.7 million dollars under these bonds since their launch in 2017.
Power Grid Corporation of India Limited is an Indian central public sector undertaking under the ownership of the Ministry of Power, Government of India. It is engaged mainly in transmission of bulk power across different states of India. It is headquartered in Gurugram. Power Grid transmits about 50% of the total power generated in India on its transmission network.
Coal India Limited (CIL) is an Indian central public sector undertaking under the ownership of the Ministry of Coal, Government of India. It is headquartered at Kolkata. It is the largest government-owned-coal-producer in the world. It is also the ninth largest employer in India with nearly 272,000 employees.
The Oil and Natural Gas Corporation Limited (ONGC) is an Indian central public sector undertaking under the ownership of Ministry of Petroleum and Natural Gas, Government of India. The company is headquartered in Delhi. ONGC was founded on 14 August 1956 by the Government of India. It is the largest government-owned-oil and gas explorer and producer in the country and produces around 70 percent of India's domestic production of crude oil and around 84 percent of natural gas. ONGC is vertically integrated across the entire oil and gas industry. In November 2010, the Government of India conferred the Maharatna status to ONGC.
Exide Industries Limited (Exide) is an Indian multinational storage battery manufacturing company, headquartered in Kolkata, India. It is the largest manufacturer of lead-acid storage batteries and power storage solutions provider in India.
Reliance Power Limited (R-Power), formerly Reliance Energy Generation Limited (REGL) is a part of the Reliance Anil Dhirubhai Ambani Group. It was established to develop, construct, operate and maintain power projects in the Indian and international markets. Reliance Infrastructure, an Indian private sector power utility company and the Reliance ADA Group promote Reliance Power. The present CEO of Reliance Power is K. Raja Gopal since 2 May 2018.
The Muthoot Group is an Indian multinational conglomerate headquartered in Kochi, Kerala. It has interests in financial services, information technology, media, healthcare, education, power generation, infrastructure, plantations, precious metal, restaurant, and hospitality. Muthoot Group operates in 29 states in India, and has presence in Nepal, Sri Lanka, US, UK and UAE. The group manages assets of over $4.5 billion. It is owned and managed by the Muthoot family.
Non-Banking Financial Company (NBFC) is a company registered under the Companies Act, 1956 of India, engaged in the business of loans and advances, acquisition of shares, stock, bonds, hire-purchase insurance business or chit-fund business, but does not include any institution whose principal business is that of agriculture, industrial activity, purchase or sale of any goods or providing any services and sale/purchase/construction of immovable property.
External commercial borrowing (ECBs) are loans in India made by non-resident lenders in foreign currency to Indian borrowers. They are used widely in India to facilitate access to foreign money by Indian corporations and PSUs. ECBs include commercial bank loans, buyers' credit, suppliers' credit, securitised instruments such as floating rate notes and fixed rate bonds etc., credit from official export credit agencies and commercial borrowings from the private sector window of multilateral financial Institutions such as International Finance Corporation (Washington), ADB, AFIC, CDC, etc. ECBs cannot be used for investment in stock market or speculation in real estate. The DEA, Ministry of Finance, Government of India along with Reserve Bank of India, monitors and regulates ECB guidelines and policies.
REC Limited, formerly Rural Electrification Corporation Limited, of which Power Finance Corporation Limited (PFC) is the holding company of that is under the ownership of the Ministry of Power, the Government of India. It finances and promotes power projects across India. The PSU provides loans to Central/State Sector Power Utilities in the country, State Electricity Boards, Rural Electric Cooperatives, NGOs and Private Power Developers. On 20 March 2019, PFC signed an agreement to acquire a 52.63% controlling stake in REC for ₹14,500 crore (US$1.7 billion). On 28 March, PFC announced that it had completed making the payment for the acquisition and intended to merge REC with itself in 2020. However, REC has maintained that merging PFC-REC is no longer an option.
The Pooled Finance Development Fund Scheme (PFDF) has been set up by the Central Government of India. The main aim of the Government authorities is to provide credit enhancement facilities to Urban Local Bodies (ULBs) based on their credit worthiness. This will enable them to access market borrowings through state-level pooled mechanism. PFDF is to ensure availability of resources to Urban Local Bodies in order to improve urban infrastructure and ultimately attain the goal of self-sustainability.
Indian Railway Finance Corporation (IRFC) is an Indian public sector undertaking engaged in raising financial resources for expansion and running through capital markets and other borrowings. The Government of India owns a majority stake in the company, while the Ministry of Railways has administrative control.
ReNew Energy Global is a decarbonisation solutions company based in India. It is the first Indian renewable energy company to be listed on NASDAQ. ReNew operates more than 140 projects spread across nine states in India. The company provides decarbonisation solutions through a mix of green hydrogen, data-driven solutions, storage, manufacturing, and carbon markets.
Public Sector Undertakings (PSU) in India are government-owned entities in which atleast 51% of stake is under the ownership of the Government of India or state governments. Depending on the level of government ownership, they can be broadly categorised as Central PSUs or State PSUs. These entities perform commercial functions onbehalf of the government. PSUs are officially classified into two categories, which are Central Public Sector Undertakings (CPSUs) owned by the central government or other CPSUs and State Public Sector Undertakings (SPSUs) owned by state governments. CPSU and SPSU is further classified into Strategic Sector and Non-Strategic Sector. Depending on their financial performance and progress, CPSUs are granted the status of Maharatna, Navaratna, and Miniratna.
National Investment and Infrastructure Fund Limited (NIIFL) is an Indian public sector company which maintains infrastructure investments funds for international and Indian investors anchored by the Government of India. The objective behind creating this organisation was to catalyse capital into the country and support its growth needs across sectors of importance.
Adani Energy Solutions Ltd, formerly known as Adani Transmission Ltd, is an electric power transmission company headquartered in Ahmedabad. Currently, it is one of the largest private sector power transmission companies operating in India. As of July 2020, the company operates a cumulative network of 12,200 circuit kilometers, and more than 3,200 circuit kilometers are under various stages of construction.
Aavas Financiers, also known as Aavas, is a Jaipur based housing finance company known for providing home loans in the rural and semi-urban locations of India. Aavas is registered with National Housing Bank as a Housing Finance Company and was granted the license in August 2011.
India Grid Trust (IndiGrid) is an Indian power sector infrastructure investment trust (InvIT), sponsored by KKR & Sterlite Power (SPTL). Established on 21 October 2016, the entity is registered with SEBI pursuant to the InvIT regulations to own power transmission and renewable assets. Harsh Shah is the CEO and Director of IndiGrid and Jyoti Kumar Agarwal is the CFO.
RattanIndia, formerly RattanIndia Infrastructure Ltd, is an Indian company that is involved in the energy sector. The traditional focus of the company was on coal on thermal power, however more recently the company has expanded its scope, focusing more on emerging technologies and e-commerce.
Indian Renewable Energy Development Agency Limited (IREDA) is an Indian public sector enterprise which provides financial assistance and other services to projects related to renewable sources of energy and energy efficiency/conservation. Formed in 1987, IREDA is a Mini Ratna (Category – I) organisation owned by the Government of India and administratively controlled by the Ministry of New and Renewable Energy (MNRE).
Bharat PetroResources (BPRL) is a wholly-owned subsidiary of Bharat Petroleum Corporation, a central public sector undertaking company functioning under the Ministry of Petroleum and Natural Gas, Government of India. It is engaged in the refining and marketing of petroleum products and is recognized as Maharatna as well as a Fortune Global 500 company.
₹91,175 crore (US$11 billion) (2024) [1] 
