Saturday, September 17, 2016

Senior PFC officers elevated as Executive Directors

GS Patra 
TWO senior officers in in the Navaratna PSU PFC have been elevated to the rank of Executive Directors. They are GS Patra and S Mulchandani.
Patra is a Mechanical Engineer with Honours from NIT Durgapur and M Tech in Industrial Engineering from IIT Delhi. With more than 30 years of experience in power sector, Patra has served leading PSUs including NHPC and PFC. He has been with...
PFC for more than 20 years and has handled project appraisal, project monitoring and business development.
S Mulchandani has been promoted to the post of Executive Director (Finance) PFC with effect from September 1, 2016. A Chartered Accountant, Mulchandani has worked in various capacities in PFC from July, 1988 till date. On his promotion, Mulchandani has been posted in PFC Consulting Ltd (A wholly owned subsidiary of PFC Ltd) as Chief Executive Officer.
Since its inception in 1985, the Navratna PSU has been providing financial assistance to power projects across India including generation, transmission, distribution and RM&U projects. Recently, the PSU forayed into financing of other infrastructure projects which have backward linkages to the power sector like coal mine development, fuel transportation, oil & gas pipelines etc. Its clients include State Electricity Boards, State sector power utilities, Central sector power utilities and Private sector companies. PFC is also the nodal agency for the implementation of the ambitious Ultra Mega Power Plants (UMPPs) and the R-APDRP programme of Govt. of India. Earlier, the non-performing assets (NPAs) of PFC, grew 198 per cent to Rs 7,519 crore in FY16 compared to the previous year. The PSU’s profits were muted, too, in the fourth quarter of FY16, due to higher provisions on account of NPAs and an increase in restructured assets.
PFC is likely to sanction loans worth Rs 55,000 crore during the current fiscal and is aiming to earn 14.5 percent return on net worth, as per a performance agreement with the power ministry. “The key performance parameters under ‘Excellent’ category for FY 2016-17 include sanctions of Rs 55,000 crore (excluding Transitional Financing) and an Operating Profit (Profit Before Tax excluding other Income, Extraordinary and Exceptional Items) of Rs 8,130 crore in addition to other sector-specific and enterprise-specific parameters etc,” Power Finance Corporation said in a statement.
The PSU signed its performance related pact with the ministry for FY 2016-17 on September 1, 2016. The agreement was signed by P K Pujari, secretary power and M K Goel, chairman and managing director, PFC.

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