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(THE GIST OF PIB) IREDA Global Green Energy Finance IFSC Limited

(MAY-2024)

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.

Indian Renewable Energy Development Agency Limited (IREDA) is a Mini Ratna (Category – I) Government of India Enterprise under the administrative control of Ministry of New and Renewable Energy (MNRE).
The CPSEs which have made profit in the last three years continuously, pre-tax profit is Rs.30 crores or more in at least one of the three years and have a positive net worth are eligible to be considered for grant of Miniratna Category-I status.
IREDA is a Public Limited Government Company established as a Non-Banking Financial Institution in 1987 engaged in promoting, developing and extending financial assistance for setting up projects relating to new and renewable sources of energy and energy efficiency/conservation with the motto: ‘ENERGY FOR EVER’.
Its objective is to give financial support to specific projects and schemes for generating electricity and/or energy through new and renewable sources and conserving energy through energy efficiency.

An International Financial Services Centre (IFSC) is a jurisdiction that provides world class financial services to non-residents and residents in a currency other than the domestic currency (Indian Rupee) of the location where the IFSC is located.

Fund-raising services for individuals, corporations and governments
Asset management and global portfolio diversification undertaken by pension funds, insurance companies and mutual funds
Wealth management
Merger and acquisition activities among trans-national corporations, etc.