Rajeev Ranjan Jha appointed as Director Project in PFC

PFC has recently become the 11th Maharatna Central Public Sector Enterprise (CPSE), given the prestigious status by the central government which now provides greater operational and financial autonomy to the state-run firm.

“Jha was working as Executive Director (Projects) in PFC before being promoted to the post. In his new role, he will be responsible for developing and implementing sound strategies to venture into new business avenues and will also oversee ongoing projects funded by the company.”

The purchase of the government’s entire stake in REC Ltd by PFC in 2019 paved the way for the $80 billion lending institution.

“He was earlier responsible for the entire loan portfolio of private sector projects under Consortium Lending with PFC as the lead financial institution. He also handled the renewable energy loan portfolio and has worked extensively in the area of ​​project appraisal (especially for independent private power projects). He was also associated with the development and award of UMPP, for which PFC is the nodal agency. Jha has been instrumental in resolving some of the largely stressed assets with loan value of approx. ₹10,000 crores,” the statement added.

PFC can invest till now ₹5,000 crore in a single project, or 15% of its total assets after getting Maharatna status. This comes against the backdrop of the government using power sector lenders like PFC and REC Ltd. to instil financial discipline in state-owned power distribution companies (discoms).

“Prior to joining PFC, he had worked with Visakhapatnam Steel Plant (Rashtriya Ispat Nigam Limited) for more than eight years with the operation and maintenance of their coal based captive power plant. Jha holds a Bachelor’s degree in Science (Mechanical Engineering) from NIT Jamshedpur, Ranchi University and an Advanced Diploma in Management from IGNOU.

The Maharatna system was introduced by the central government for mega CPSEs to become global giants. PFC, India’s largest non-banking financial company (NBFC) and one of the 14 Navratna CPSEs, can invest maximum ₹5,000 crore, or 15% of its net worth, in a single project, apart from providing enhanced powers by the government to conduct mergers and acquisitions after getting Maharatna status. You can invest up to Navratna and Miniratna CPSEs ₹1,000 crore and ₹500 crores respectively.