The Public Enterprise Selection Board (PESB) has recommended the name of Parminder Chopra to succeed as the next CMD of India’s largest NBFC by networth (all reserves), Power Finance Corporation (PFC).
Chopra will be the first woman to be appointed as the Chairman and Managing Director (CMD) of the Maharatna company. Her name was recommended by the PESB on Monday.
She has been with the company since 2005 and has been serving as the Director (Finance) and CFO since 2020, as well as a member of the board of directors, said the non-banking financial company (NBFC) for the power sector.
Chopra holds a Bachelor’s degree in Commerce and is a qualified Cost Accountant and MBA and has over 35 years of experience in the power sector, including the National Hydroelectric Power Corporation of India (NHPC) and the Power Grid Corporation of India (PGCIL), it added.
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In her new role as CMD, Chopra will be responsible for driving the strategic initiatives at PFC, spearheading the organization’s growth trajectory, and further strengthening its position as a leading Maharatna PSU.
Her extensive experience in project financing and infrastructure development, coupled with her visionary leadership, is expected to propel PFC to new heights of success.
The selection of Chopra as the CMD sets a new precedent for women professionals in the nation and serves as a source of inspiration for many emerging leaders.
It highlights the increasing recognition of women’s capabilities and their essential role in leadership positions. This represents a significant stride towards dismantling gender barriers and promoting inclusivity within the corporate sphere.
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PFC posted a 7 per cent Y-o-Y growth in its consolidated net profit at ₹5,241.10 crore in the December quarter of FY23. Its total income increased to ₹19,662.65 crore in the quarter under review from ₹19,213.69 crore in the same period a year ago.
PFC’s consolidated loan asset book crossed ₹8-lakh crore. The loan asset book as on December 31, 2022, stood at ₹8,04,526 crore. Consolidated disbursements crossed ₹1 lakh crore-mark at ₹1,06,875 crore for the nine months period in FY23 and registered a Y-o-Y growth of 28 per cent.