Power Finance Corporation (PFC) may select Tata Capital as its joint venture partner for its proposed $1-billion equity fund to pick up direct equity in power projects.
Tata Capital has emerged as PFC?s first choice for JV partner in an exercise in which Reliance Capital, Religare Capital and Edelweiss Capital also expressed their interest. However, the company might go for Religare if terms and conditions are not agreed with Tata Capital, PFC chairman Satnam Singh told a press conference held to announce company?s first quarter results.
PFC?s net profit jumped 42% to R972 crore in the first quarter (April-June 2012) of the current financial from the same period previous year. PFC has also overtaken HDFC Ltd to become country?s largest non-banking finance company in terms of networth. Its networth increased 12.54% to R20,359 crore during the period.
The company?s net interest income rose to R1,394 crore from R 990 crore, registering growth of 41% on a year-on-year basis. During the same period, PFC?s loan assets increased 30% to R1.34 lakh crore.
The company disbursed 31% more loans during the quarter from the same period of the past year. The company disbursed R 8,145 crore in loans in the quarter under review as against R 6,220 crore in the corresponding period of the previous year.
