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Our Bureau

New Delhi, Feb. 14

The Government has cleared a proposal to extend the `navratna' status for Power Finance Corporation (PFC). This would give the board of the state-owned power lending agency greater operational freedom to make investment decisions, Government officials said.

PFC is currently bracketed as a `mini-ratna' enterprise. The PFC board will soon be allowed to make decisions on equity investments of up to Rs 1,000 crore in a single joint venture or alliance without seeking Government clearance. The move to grant greater operational freedom comes at a time when the company is about to list on the stock exchanges later this month following its initial public offering. PFC, which lends exclusively to power projects, had last week announced that its IPO was oversubscribed over 77 times.

More Stories on : Power | Policy | PSU

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