IREDA incorporates "IREDA Global Green Energy Finance IFSC Limited" in GIFT City, Gujarat- (Press Information Bureau) (09 May 2024)

MANU/PIBU/0375/2024

Insurance

Indian Renewable Energy Development Agency Ltd. (IREDA) has incorporated a wholly owned subsidiary in the International Financial Services Centre (IFSC) located in GIFT City, Gujarat. Named "IREDA Global Green Energy Finance IFSC Limited," the subsidiary was officially incorporated on 7th May, 2024. Earlier, on 8th February, 2024, the Reserve Bank of India gave its No Objection letter to set up the finance company in IFSC GIFT City.

Commenting on the development, Chairperson & Managing Director of IREDA Shri Pradip Kumar Das, said that IREDA's presence in GIFT City signifies a momentous step in its mission to pioneer innovative approaches to green financing. "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, aligning with the Government of India's ambitious 'Panchamrit' targets."

The CMD 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. "This strategic step is in line with IREDA's vision of facilitating sustainable development through renewable energy investments, both domestically and internationally. With IREDA's presence in the IFSC, we anticipate greater access to innovative financing alternatives and enhanced collaboration with international investors, encouraging the advancement of renewable energy projects in the country and abroad."

Tags : INCORPORATION IREDA