Ms Parminder Chopra has assumed charge as Chairman & Managing Director of Power Finance Corporation Ltd (PFC), effective August 14, 2023.
In a stock exchange communication, PFC said that the Union power ministry has approved the new appointment and that Ms Chopra will hold the new post till April 30, 2027 (date of her superannuation) or until further order, whichever is earlier.
Prior to her formal appointment as CMD, Ms Parminder Chopra held the additional charge of CMD, effective June 1, 2023, and was Director Finance since July 1, 2020.
During her term as Director (Finance), she spearheaded the Finance Division, leading to PFC’s highest net profit, highest net worth and lowest NPA levels. Such robust financial performance has also facilitated PFC getting the highest status of “Maharatna”. She had also played a key role in the successful implementation of Rs.1.12 trillion Liquidity Infusion Scheme (LIS) for the power distribution sector, which was rolled out as part of Atmanirbhar Bharat initiative by the Government of of India, PFC said.
Ms Chopra is understood to be PFC’s first-ever woman CMD.
Rich experience
She has over 35 years of varied experience in the power and financial sectors. In PFC, she was heading key finance functions including resource mobilization (domestic & international markets), banking, treasury, asset liability management and stressed asset resolution. Her prior experience includes service in power sector majors like NHPC and Power Grid Corporation of India. She is in a unique position to leverage the rare blend of experience in the power and financial sectors, and lead PFC’s transformational journey, the stock exchange filing noted.
Providing impetus
With her taking over, she will be providing impetus to PFC’s crucial role of financing India’s energy transition goals apart from funding power & infrastructure sectors. Under her leadership, PFC as India’s largest renewable energy financier has significantly increased funding to clean energy projects including funding of Electric Vehicles, Bio fuels, hybrid renewables like Round The Clock, renewable equipment manufacturing etc. and recently signed MoUs with clean energy developers for Rs. 2.40 Lakh Crs and emerging as the principal financier of clean energy projects. She will continue to provide support in implementation of key power sector initiatives of the Government of India including Revamped Distribution Sector Scheme (RDSS) and Late Payment Surcharge (LPS) rules, PFC added.