heber,
Adding a pf correction capacitor to the motor, does not reduce the motor current. It only reduces the current in lines that supply the motor and the capacitor by way vectorial addition (or subtraction). However, if you have a poor voltage regulation at your motor end (i.e. a heavy voltage drop at motor terminals) without the pf cap, then p.f. cap may help in raising the voltage at motor terminals and reduce the motor current for a given load.