A wholly owned subsidiary of Power Finance Corporation Ltd

 

Operations

Procurement and Disbursement Procedure

PFC GEL’s primary object in the area of procurement is to ensure economy and efficiency in the execution of the project and in the procurement of goods and services involved while ensuring satisfactory supply. The procedures followed by various SEBs/SGCs are found to be generally in conformity with the above requirements. In the case of loans from external agencies, they are already following the procedures established by these agencies. Procurement procedures followed by SEBs/SGCs would be constantly reviewed by PFC GEL to ensure their continuing conformity with the basic objectives of economy and efficiency in the procurement of goods and services. In case of entities in private sector being considered for direct financing/co-financing, the procurement and disbursement guidelines will be applicable as notified by Company from time to time.

PFC GEL has to ensure that its loans are used only for the purposes for which they are intended and fulfill all other relevant conditions as set out in the Loan Documents. The equipment and services procured should confirm to the requirements of the project. The disbursements will be made as per the disbursement guidelines of the Company notified from time to time.

Till the time PFC GEL’s policies are formalized, relevant policies of PFC shall be followed.