V. Packirisamy Appointed Director Commercial at Power Finance Corporation

V. Packirisamy has been appointed as Director (Commercial) at Power Finance Corporation, India's largest infrastructure finance company with a loan book exceeding Rs 9 lakh crore. Pankaj Gupta has simultaneously joined PFC's board as a Non-Official Director. PFC is a Maharatna central public sector enterprise under the Ministry of Power.

The Director (Commercial) at PFC manages the corporation's lending operations, loan sanctions and disbursements to power sector projects, and commercial relationships with electricity distribution companies, generation utilities, and transmission entities that constitute the bulk of PFC's borrower base. The division structures the financial products — project loans, bond refinancing, letter of credit facilities — that flow into India's electricity infrastructure at scale.

Packirisamy's appointment comes as PFC operates at the centre of India's power sector transformation. The corporation serves as the nodal agency for the Revamped Distribution Sector Scheme, a Rs 3.03 lakh crore programme targeting loss reduction in electricity distribution companies. Overseeing commercial oversight of RDSS disbursements and performance-linked tranches is among the primary functions of the Director (Commercial).

PFC holds a controlling stake in REC Limited, creating a combined financing group with unmatched reach into state electricity boards and private power developers. The Director (Commercial) at PFC must align commercial strategy not just for PFC's direct portfolio but in coordination with the consolidated PFC-REC group's approach to sector lending.

Non-Official Directors at central PSUs bring independent governance perspectives to board deliberations. Gupta's appointment as Non-Official Director adds external oversight to PFC's board at a time when the corporation carries significant exposure to financially stressed distribution companies in several states — a balance sheet position that requires careful board-level monitoring.

PFC has been expanding its renewable energy financing vertical, increasing exposure to solar, wind, and hybrid power projects as the government targets 500 GW of non-fossil fuel capacity by 2030. The Director (Commercial) will handle the structuring of financing for these projects as they enter PFC's pipeline. Both appointments were processed through the PESB and approved by the ACC. Packirisamy assumes charge with immediate effect.