IREDA Sets Up Subsidiary in GIFT City for Global Green Energy Finance
By Rediff Money Desk, New Delhi May 09, 2024 16:14
IREDA has incorporated a subsidiary in GIFT City, Gujarat, to expand its global reach and secure competitive funding for renewable energy projects.
![IREDA Sets Up Subsidiary in GIFT City for Global Green Energy Finance](https://im.rediff.com/money/2023/dec/17ireda.jpg)
Photograph: Kind courtesy IREDA
New Delhi, May 9 (PTI) State-owned IREDA on Thursday said it has incorporated a subsidiary at the International Financial Services Centre (IFSC) located in GIFT City, Gujarat.
IREDA Global Green Energy Finance IFSC Limited was officially incorporated on May 7, after receiving the no objection letter from the Reserve Bank of India (RBI) in February 2024, to set up the finance company in IFSC GIFT City, IREDA said.
Pradip Kumar Das, Chairman & Managing Director of IREDA, said, "This subsidiary not only positions IREDA to extend its global reach but also acts as an offshore platform for securing competitive funding to drive the renewable energy sector's growth."
He added that IREDA's entry into the IFSC is anticipated to unlock fresh business prospects and establish its global footprint in the renewable energy sector.
Indian Renewable Energy Development Agency Limited (IREDA), under the Ministry of New and Renewable Energy (MNRE), is a Non-Banking Financial Institution engaged in promoting, developing and extending financial assistance for setting up projects relating to new and renewable sources of energy and energy efficiency/conservation.
IREDA Global Green Energy Finance IFSC Limited was officially incorporated on May 7, after receiving the no objection letter from the Reserve Bank of India (RBI) in February 2024, to set up the finance company in IFSC GIFT City, IREDA said.
Pradip Kumar Das, Chairman & Managing Director of IREDA, said, "This subsidiary not only positions IREDA to extend its global reach but also acts as an offshore platform for securing competitive funding to drive the renewable energy sector's growth."
He added that IREDA's entry into the IFSC is anticipated to unlock fresh business prospects and establish its global footprint in the renewable energy sector.
Indian Renewable Energy Development Agency Limited (IREDA), under the Ministry of New and Renewable Energy (MNRE), is a Non-Banking Financial Institution engaged in promoting, developing and extending financial assistance for setting up projects relating to new and renewable sources of energy and energy efficiency/conservation.
Source: PTI
Read More On:
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- GTL Infrastructure
- 2.93 ( -4.87)
- 226206286
- IFL Enterprises
- 1.30 (+ 4.84)
- 81461564
- Vodafone Idea L
- 16.79 (+ 0.66)
- 67447398
- NCL Research
- 0.95 ( -4.04)
- 31996628
- Franklin Industries
- 3.73 (+ 3.32)
- 21511209
MORE NEWS
![Navi Mumbai...](https://im.rediff.com/80-80/money/2021/jun/10navi-mumbai-airport7.jpg)
Navi Mumbai Airport ILS Signal Testing Begins
The Airports Authority of India (AAI) has begun ILS signal testing at the...
![Air India VRS for...](https://im.rediff.com/80-80/money/2020/sep/09tata-vistara-3.jpg)
Air India VRS for Non-Flying Staff Ahead of...
Air India has announced a voluntary retirement scheme (VRS) and voluntary separation...
Fisher Groups Oppose WTO Fisheries Subsidy Talks
Small-scale fisher groups from India, Indonesia, and Bangladesh demand WTO keep...