IREDA Establishes Subsidiary in GIFT City, Gujarat

IREDA, a state-owned entity under the Ministry of New and Renewable Energy (MNRE), has formed a subsidiary named IREDA Global Green Energy Finance IFSC Limited at the International Financial Services Centre (IFSC) within GIFT City, Gujarat. This move aims to leverage global financial markets to support the growth of the renewable energy sector in India.

Key Points

Incorporation and Approval

IREDA Global Green Energy Finance IFSC Limited was officially established on May 7, following approval from the Reserve Bank of India (RBI) in February 2024.

Objectives

The subsidiary’s primary objectives include extending IREDA’s global outreach, securing competitive funding from international markets, and driving growth within the renewable energy sector.

Strategic Significance

By entering the IFSC, IREDA anticipates unlocking new business opportunities and solidifying its global presence in renewable energy financing. This move aligns with India’s commitment to promoting renewable energy and achieving sustainability goals.

Chairman’s Perspective

Pradip Kumar Das, Chairman & Managing Director of IREDA, underscores the subsidiary’s significance as both a global outreach platform and a means to secure competitive funding. He emphasizes the potential for fresh business prospects and the establishment of a global footprint in renewable energy financing.