Parminder Chopra becomes the first female CMD of the Power Finance Corporation

18 Aug 2023 , 09:35 AM

The NBFC Power Finance Corporation Limited (PFC) announced on Thursday that Parminder Chopra has been appointed as Chairman and Managing Director (CMD), from August 14, 2023, making her the first woman to oversee the organization.

She has previously held the dual positions of Director (Finance), PFC since July 1, 2020 and Chairman and Managing Director (CMD) since June 1, 2023.

In her role as Director, Chopra, who has more than 35 years of expertise in the electricity and finance industries, helped India’s largest NBFC achieve its greatest net profit, highest net worth, and lowest NPA levels. She oversaw crucial financial operations like asset liability management, banking, treasury, resource mobilization (for both domestic and foreign markets), and stressed asset resolution.

Under Chopra’s direction, PFC’s strong financial performance made it possible for the business to achieve the highest ‘Maharatna’ rating.

She was instrumental in the successful rollout of the Rs 1.12 trillion Liquidity Infusion Scheme (LIS) for the power distribution industry, which was launched as part of the Atmanirbhar Bharat project of the Indian government.

She brings to the table a unique combination of experience in the power and financial sectors, having worked for significant players in the power industry such as NHPC Limited and Power Grid Corporation of India Limited.

The company thinks Chopra’s new position will help PFC’s efforts to support India’s energy transition ambitions in addition to investing the infrastructure and power sectors.

‘Under her leadership, PFC, India’s largest renewable energy financier, has significantly increased funding to clean energy projects, including funding for Electric Vehicles, Biofuels, hybrid renewables like Round The Clock, manufacturing of renewable equipment, etc. and recently signed MoUs with clean energy developers for Rs 2.40 Lakh crore and emerging as the principal financier of clean energy projects,’ it added.

She would continue to support the Government of India’s important electricity sector measures, such as the Revamped Distribution Sector Scheme (RDSS) and the Late Payment Surcharge (LPS) regulations, it was noted.

For his enormous contributions to the fields of business, finance, society, and the country, Parminder Chopra received the ‘Icon of the Year’ and ‘Finance Leader of the Year’ awards.

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