Business

PFC floats consultancy subsidiary

— PHOTO: V. SUDERSHAN

NEW SERVICES: Sushil Kumar Shinde (centre), Union Power Minister, launching PFC Consulting, a wholly owned subsidiary of Power Finance Corporation, in New Delhi on Monday. V. K. Garg, Chairman and Managing Director, PFC, and Anil Razdan (right), Power Secretary, are also seen.

NEW DELHI: The Power Finance Corporation on Monday floated a wholly-owned consultancy arm to provide services in the power sector, including those related to bidding and awarding of Ultra Mega Power Projects (UMPPS).

The subsidiary, PFC Consulting Limited, was launched by Union Power Minister Sushil Kumar Shinde at a function held here.

According to PFC Chairman and Managing Director V. K. Garg, the new venture would take over from PFC services related to UMPPs, including formation of special purpose vehicles, carrying out the bidding and awarding process and obtaining regulatory clearances for the projects.

PFC Executive Director (Consultancy Services) N.D. Tyagi will be the Chief Executive Officer of the new arm.

“There are immense opportunities for consultancy services in the power sector in view of the impending expansion and power sector reforms. PFC has decided to focus on these opportunities through the new subsidiary,” Mr. Garg said.

The consultancy already has assignments of Rs.60 crore on hand.

Mr. Garg said the subsidiary was in talks with an international consultancy firm to float a joint venture to provide technical expertise to domestic power utilities. The new firm would also conduct the bidding process for awarding projects of state utilities, besides offering contract and legal services, and preparing feasibility reports for projects.

The new subsidiary has 7,400 MW assignments on hand for selection of bidders on tariff-based competitive bidding.

PFC is also expected to float a wholly-owned subsidiary as a nodal agency to implement the Accelerated Power Development and Reform Programme (APRDP).

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