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PFC to diversify into infra financing, but power, energy transition to remain core: CMD

Newsmantra — Thu, 20 Jul 2023 04:58:01 +0000

Power Finance Corporation focused on the power sector will launch this week its first public issue of bonds since January 2021, looking to raise up to Rs 5,000 crore.

PFC has diversified into infrastructure financing with sanctions of Rs 16,000 crore in 2022-23 and is scouting for more projects, Parminder Chopra, who has the additional charge of chairman and managing director, said in an Media interaction at Mumbai.

In mid-2022, we have been allowed to fund infrastructure projects with a cap of 30 percent. We have been looking for the sector but our primary focus is going to remain on the power sector and energy transition,” Chopra said;

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IOC’s JV for building Biofuels production capacities

Newsmantra — Wed, 12 Jul 2023 06:01:54 +0000

Indian Oil Corporation Limited (Indian Oil) and Praj Industries Limited (Praj) have recently signed a term sheet to advance plans to strengthen biofuels production capacities in India. Various biofuels covered under this MoU include Sustainable Aviation Fuel (SAF), Ethanol, Compressed Bio-Gas (CBG), Biodiesel and Bio-bitumen among others. Earlier in October 2021, both the Companies had entered into an agreement to form a 50:50 Joint Venture to this end.

Talking about the development, Shrikant Madhav Vaidya, Chairman, Indian Oil, said, “The collaboration with an Indian biofuel major – Praj, is a remarkable milestone in Indian Oil’s green energy transition journey. It will strengthen our resolve to achieve our goal of net-zero operational emissions by 2046 and maintain our leadership in the green energy domain.”

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Indian Oil & Praj to form JV for building Biofuels production capacities

Newsmantra — Tue, 11 Jul 2023 07:17:51 +0000

Indian Oil Corporation Limited (IndianOil) and Praj Industries Limited (Praj) have recently signed a term sheet to advance plans to strengthen biofuel production capacities in India. Various biofuels covered under this MoU include Sustainable Aviation Fuel (SAF), Ethanol, Compressed Bio-Gas (CBG), Biodiesel and Bio-bitumen among others. Earlier in October 2021, both Companies had entered into an agreement to form a 50:50 Joint Venture to this end.
Talking about the development, Shrikant Madhav Vaidya, Chairman, IndianOil, said, “The collaboration with an Indian biofuel major – Praj, is a remarkable milestone in IndianOil’s green energy transition journey. It will strengthen our resolve to achieve our goal of net-zero operational emissions by 2046 and maintain our leadership in the green energy domain.”
Vaidya also added that India being an agrarian economy, offers the advantage of sufficient availability of feedstock. Indigenous biofuels will be a game changer in helping India chart its decarbonization journey. Biofuels offer a win-win situation by reducing dependence on crude imports, boosting the rural economy, and offering sustainable, cleaner mobility options.
IndianOil & Praj have been collaborating to facilitate India’s energy transition towards a greener future in the past as well. The nation’s first-of-its-kind advanced biofuel refinery at IndianOil’s Panipat complex is based on Praj’s proprietary 2 G technology. This year in May, IndianOil and Praj partnered with AirAsia India and flew India’s first-ever commercial passenger flight powered by a blend of ‘indigenous’ Sustainable Aviation Fuel.

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PFC extends financial assistance of Rs 9,187 cr to HPCL Refinery Project

Newsmantra — Fri, 07 Jul 2023 04:25:34 +0000

Power Finance Corporation Ltd. has extended its financial Assistance for Rs 9,187 cr to HPCL Rajasthan Refinery Ltd for its 9 MMTPA refinery-cum-petrochemical complex located at Barmer, Rajasthan.This is the first project where PFC has extended its financial assistance to Refinery and Petrochemical sectors.

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Manjit Singh Saini Assumes Charge as Director (P&A) SCI

Newsmantra — Thu, 06 Jul 2023 06:05:00 +0000

Shri Manjit Singh Saini, General Manager (SCI), assumed charge as Director (P & A) Shipping Corporation of India .Shri Saini is a seasoned professional with over 30 years of experience in the shipping industry. He has held various positions in SCI, including General Manager (Operations) and General Manager (Commercial).

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PFC signs MoU facilitating procurement of life-saving medical devices for underprivileged cancer patients

Newsmantra — Thu, 06 Jul 2023 05:17:54 +0000

Power Finance Corporation Ltd. has entered into an MoU )with King George’s Medical University , Lucknow to facilitate the procurement of life-saving medical devices specifically aimed at assisting underprivileged cancer patients.

The MoU was formally executed yestweday in the presence Smt. Parminder Chopra, Director (Finance) and CMD (Addl. Charge), Shri R.R Jha, Director (Projects), Shri Manoj Sharma, Director (Commercial) Shri Bhaskar Bhattacharya (Independent

Director), and Dr. Vijay Kumar, Head of the Department of Surgical Oncology, KGMU Lucknow.

Under the terms of this MoU, PFC has committed to providing financial assistance amounting to about Rs. 10.19 crore to KGMU. This substantial funding will be allocated to support the procurement of essential medical devices that are crucial for the effective treatment and care of underprivileged cancer patients.

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