IREDA sets up subsidiary in GIFT City
10 May 2024
Indian Renewable Energy Development Agency Ltd (IREDA), the country’s largest lender for renewable energy projects, has incorporated a wholly owned subsidiary in the International Financial Services Centre (IFSC), in GIFT City, Gujarat.
Incorporated on 7 May 2024, the new subsidiary, IREDA Global Green Energy Finance IFSC Limited will help IREDA expand operations into new areas of growth and diversify its portfolio of services, within and outside the country.
Pradip Kumar Das, chairman and managing director of IREDA's entry into GIFT City will help the company to look for innovative ideas in green financing, besides giving its operations a global dimension. It will also act as an offshore centre for attracting finance at competitive rates.
With increased exposure to international investors, IREDA expects to gain access to new and cost-effective financing alternatives that would further the growth of renewable energy projects within and outside the country.
The ministry of new and renewable energy said the Reserve Bank of India (RBI) has granted approval for the finance company in IFSC GIFT City.
Meanwhile, REC Limited, another central public sector enterprise providing finance to the power sector, has also received RBI permission for setting up a wholly owned subsidiary in IFSC-GIFT.