IREDA GIFT City Subsidiary Receives Provisional Registration
The International Financial Services Centre Authority has granted provisional registration to IREDA Global Green Energy Finance IFSC Ltd., a wholly owned subsidiary of IREDA, as a finance company at GIFT City.
September 11, 2024. By EI News Network
This announcement was made today in the presence of Pralhad Joshi, Union Minister for New and Renewable Energy, Consumer Affairs, Food, and Public Distribution; Kanubhai Desai, Minister of Finance, Energy, and Petrochemicals, Government of Gujarat; Bhupinder Singh Bhalla, Secretary, MNRE; and Pradip Kumar Das, CMD, IREDA.
Joshi remarked, “GIFT City is a hub for international financial and investment activities, playing a pivotal role in India’s vision of ‘Viksit Bharat’ (Developed Nation) by 2047.”
Highlighting the importance of this milestone, Das commented, “IREDA’s presence in GIFT City reflects our commitment to advancing green financing solutions on a global scale. This new subsidiary will help us secure competitive funding and foster collaborations with international investors, boosting the renewable energy sector forward.”
The establishment of IREDA Global Green Energy Finance IFSC Ltd. is a strategic initiative to expand IREDA’s international footprint and unlock new business opportunities.
Recently, S&P Global Ratings assigned IREDA a 'BBB-' long-term and 'A-3' short-term issuer credit rating, with a 'Stable' outlook. The agency’s report noted, “IREDA is rated one notch above the starting point for rating financial companies (fincos) in India, reflecting continued government support.”
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