Subsidiary of IREDA receives provisional registration

The International Financial Services Centre Authority (IFSCA) has granted provisional registration to IREDA Global Green Energy Finance IFSC Limited (a wholly owned subsidiary of IREDA) as a finance company at GIFT City.

The International Financial Services Centre Authority (IFSCA) has granted provisional registration to IREDA Global Green Energy Finance IFSC Limited (a wholly owned subsidiary of IREDA) as a finance company at GIFT City. This announcement was made recently in the presence of Pralhad Joshi, the Union Minister for New and Renewable Energy, Consumer Affairs, Food, and Public Distribution.

Joshi encouraged CMD, IREDA, to position the company as a key player in the global renewable energy landscape. “GIFT City is a hub for international financial and investment activities, playing a pivotal role in India’s vision of ‘Viksit Bharat’ (Developed Nation) by 2047,” remarked Joshi.

Pradip Kumar Das, CMD, IREDA, highlighted the importance of this milestone, stating, “IREDA’s presence in GIFT City reflects our commitment to advancing green financing solutions on a global scale. This new subsidiary will help us secure competitive funding and foster collaborations with international investors, boosting the renewable energy sector forward. As the Prime Minister Narendra Modi has earlier underlined, ‘GIFT City is a gateway to global opportunities,’ and IREDA is poised to leverage these opportunities.”

The establishment of IREDA Global Green Energy Finance IFSC Limited is a strategic initiative to expand IREDA’s international footprint and unlock new business opportunities. Recently, S&P Global Ratings assigned IREDA a ‘BBB-‘ long-term and ‘A-3’ short-term issuer credit rating, with a ‘Stable’ outlook. The agency’s report noted, “IREDA is rated one notch above the starting point for rating financial companies (fincos) in India, reflecting continued government support.”

Kanubhai Desai, the Minister of Finance, Energy, and Petrochemicals, Government of Gujarat, Bhupinder Singh Bhalla, Secretary, MNRE and Pradip Kumar Das, CMD, IREDA were also present at the event. Dipesh Shah, Executive Director, Praveen Trivedi, Executive Director, Supriyo Bhattacharjee, CGM, IFSCA and senior officials from the Bank of Baroda’s GIFT City unit were also present on this occasion.