IREDA swiftly moving from ‘Navratna’ to ‘Maharatna’ CPSE by 2030

Union Minister of New and Renewable Energy, Pralhad Joshi visits Indian Renewable Energy Development Agency Limited office praises the agency’s performance and strategic roadmap for the future.

Pralhad Joshi, the Union Minister of New and Renewable Energy, during the visit to the Registered Office of Indian Renewable Energy Development Agency Limited (IREDA) at India Habitat Centre, New Delhi reviewed IREDA’s performance and strategic roadmap for the future, followed by an interactive session with senior officials.

During the review meeting,  Pradip Kumar Das, Chairman & Managing Director (CMD) of IREDA highlighted company’s remarkable achievements over the past four years and discussed the company’s plans to contribute towards the Union government’s target of generating 500 GW of non-fossil-based electricity by 2030, in line with the vision of ‘Viksit Bharat’.  Bijay Kumar Mohanty, Director (Finance) and other senior officials were also present at the meeting.

Joshi praised IREDA for its pioneering role in the renewable energy sector since its inception and its significant growth over the last four years. He encouraged IREDA to expand its financing in Rooftop Solar, PM Surya Ghar Initiative, PM-KUSUM scheme and other smaller renewable energy projects to connect the public, farmers and small-scale industries with green energy solutions. He encouraged Team IREDA to sustain the rapid growth of the company.

The discussions covered various significant topics, including IREDA’s sectoral financing, diversification strategies, future growth and fundraising plans. Joshi was also briefed on key initiatives undertaken in the past four years, particularly in the areas of Ease of Doing Business, digitalisation, automation, the establishment of a Retail Division and incorporation of a wholly owned subsidiary at the International Financial Services Centre (IFSC) in GIFT City, Gujarat. The challenges faced by IREDA in meeting the growing demand for funding in the renewable energy sector were also discussed.

CMD Das delivered a comprehensive presentation showcasing IREDA’s strategic roadmap to transition from a ‘Navratna’ to a ‘Maharatna’ Central Public Sector Enterprise (CPSE) by 2030. He also highlighted the company’s major fundraising efforts through FPO, QIP, or any other permissible mode, aiming to raise approximately INR 4,500 crores to strengthen its operations and support the speedy growth of the green energy sector.

To mark the occasion, Pralhad Joshi also participated in the #Plant4Mother campaign by planting saplings at the India Habitat Centre, symbolising his commitment to environmental sustainability.