Power Finance Corporation Limited (PFC) is set to become the 11th Maharatna central public sector enterprise (CPSE) in India.
An inter-ministerial panel has reportedly cleared the upgrade of PFC from Navratna to Maharatna. Maharatna status to CPSEs enables greater delegation of financial and operational powers to its Board of Directors. PFC is India’s largest non-banking financial company (NBFC) and among the 14 Navratna CPSEs. Once it gets the Maharatna status, the company can invest up to Rs 50 billion (15 per cent) of its net worth and will also be granted enhanced powers by the government for undertaking mergers and acquisitions.