Power Finance Corporation Ltd.

PFC Projects (PPL), an equal joint venture of Power Finance Corporation (PFC) and REC, is planning to rope in technical or strategic investor partners through competitive bidding to operate and maintain acquired stressed or non-performing assets (NPA) next year. The first such bid is likely to be floated next year.

The joint venture has been set up for taking over stressed assets or NPA in the power sector. Earlier this month, the boards of PFC and REC approved a subscription of 50 per cent equity each not exceeding Rs 50 crore each in the PPL. The PPL will explore both options of technical as well as strategic partners for running the acquired stressed power plants. It will select a technical or strategic partner for each acquired stressed project through competitive bidding.

PFC is central PSU under Ministry of Power and India's leading NBFC.