(THE GIST OF PIB) IREDA Global Green Energy Finance IFSC Limited
(THE GIST OF PIB) IREDA Global Green Energy Finance IFSC Limited
(MAY-2024)
IREDA Global Green Energy Finance IFSC Limited
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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.
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Named “IREDA Global Green Energy Finance IFSC Limited,” the subsidiary was officially incorporated on 7th May, 2024.
About IREDA
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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).
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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.
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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’.
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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.
About IFSC
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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.
Services provided by an IFSC:
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Fund-raising services for individuals, corporations and governments
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Asset management and global portfolio diversification undertaken by pension funds, insurance companies and mutual funds
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Wealth management
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Merger and acquisition activities among trans-national corporations, etc.
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Courtesy: PIB