A seasoned professional with extensive experience in the power sector, Shri Packirisamy has held several key leadership positions during his distinguished career. His deep understanding of the sector and proven track record are expected to add significant value to PFC’s ongoing efforts in supporting India’s growing energy and infrastructure requirements.

The appointment comes at a crucial time as PFC continues to play a pivotal role in financing the country’s power and infrastructure sectors. The PFC family looks forward to Shri Packirisamy’s valuable contributions and wishes him every success in his new role as the organization advances its commitment to India’s energy transition and sustainable development.

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A highly respected figure in the media and PR fraternity, Shri Rao is widely recognized for his helpful nature and supportive approach toward journalists and corporate communication professionals alike. He began his career with the Indian Express group in Hyderabad, building a strong foundational expertise that would later define his professional journey in the national capital. For over a decade, he masterfully managed PFC’s media relations, press releases, and public affairs, earning a distinguished and special place within the industry.

Shri Rao’s immense contributions have also earned him stellar national recognition. He was inducted into the prestigious Hall of Fame by the Public Relations Council of India (PRCI) and has served as the Chairman of the Public Relations Society (PRSI), Delhi Chapter, where he actively guided and mentored the PR community. As he steps into a new chapter of retirement, the entire PFC family expressed deep gratitude for his lasting legacy, wishing him a future filled with good health, happiness, and fulfillment.

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The acquisition follows in-principle approval from the Cabinet Committee on Economic Affairs (CCEA). After the transaction, PFC and REC operate as holding and subsidiary companies, respectively. REC is a ‘Maharatna’ company under the administrative control of the Ministry of Power, Government of India, and is registered with RBI as a Non-Banking Finance Company (NBFC), Public Financial Institution (PFI) and Infrastructure Financing Company (IFC).

In the filing, PFC also said its board noted the Union Budget 2026–27 announcement on restructuring public sector non-banking financial companies (NBFCs). The Budget, presented on February 1, outlined the government’s approach to sector consolidation. “The vision for NBFCs for Viksit Bharat has been outlined with clear targets for credit disbursement and technology adoption. In order to achieve scale and improve efficiency in the Public Sector NBFCs, as a first step, it is proposed to restructure the Power Finance Corporation and Rural Electrification Corporation,” Union Finance Minister Nirmala Sitharaman had said during her budget speech.

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