IREDA Marks 38th Foundation Day with Reflections on Achievements and Future Endeavors
CMD emphasized the launch of IREDA's retail division, catering to diverse borrowers, particularly in sectors like Rooftop Solar and the PM-KUSUM scheme.
March 13, 2024. By Abha Rustagi
The celebration, attended by Chairman and Managing Director Pradip Kumar Das, Director (Finance) Dr. Bijay Kumar Mohanty, and Chief Vigilance Officer Ajay Kumar Sahani, provided an opportunity to acknowledge the dedicated employees, stakeholders, and business partners whose unwavering support has propelled IREDA to become the largest Pure Play Green Finance Non-Banking Financial Company (NBFC) in the country.
During the event, CMD Pradip Kumar Das expressed his delight at the occasion, emphasizing the importance of recognizing achievements, reflecting on challenges, and charting a course for the future. He applauded IREDA's role in financing India's energy transition, contributing significantly to national objectives of energy security, climate action, and sustainable development.
A noteworthy accomplishment highlighted by the CMD was IREDA's attainment of an 'Excellent' rating under the MoU 2022-23, signed with the Ministry of New and Renewable Energy. This recognition for the third consecutive financial year underscores the company's dedication, hard work, and commitment to excellence, with a final rating of 'Excellent' and a score of 93.50.
Furthermore, the CMD emphasized the launch of IREDA's retail division, catering to diverse borrowers, particularly in sectors like Rooftop Solar and the PM-KUSUM scheme, thus tapping into a significant market segment for the company's expansion.
Innovation was highlighted as a core strategy, with a focus on introducing new financial products and expanding presence in consortium financing and emerging green technologies.
Reflecting on IREDA's achievements over the past three and a half years, CMD Pradip Kumar Das expressed satisfaction with the exponential growth in the loan portfolio, the elevation of credit ratings, historic listing on stock exchanges, upgradation from Schedule ‘B’ to Schedule ‘A’, attainment of 'Infrastructure Finance Company (IFC)' status from RBI, and the ongoing process of elevation from ‘Mini-Ratna’ to ‘Navratna’ status.
He also highlighted the expansion into diverse sectors and exploration of new business opportunities, such as establishing a wholly-owned subsidiary in the International Financial Services Centre (IFSC) in GIFT City, Gujarat.
While celebrating these milestones, Das emphasized the importance of maintaining high standards of performance and customer satisfaction, affirming IREDA's commitment to remaining the lender of choice in energy transition. He outlined a vision for future growth, citing the vast opportunities in the renewable energy sector.
Efforts to optimize the cost of borrowing and enhance operational efficiency through digitization and process automation were also highlighted, demonstrating IREDA's commitment to leveraging technology for greater effectiveness and customer-centricity.
Additionally, the CMD emphasized a cultural transition towards increased efficiency, higher employee responsiveness, and women's empowerment, noting that one out of every four employees is female, many of whom are leading departments. This cultural shift has played a significant role in changing the perception of renewable energy in the country.
In conclusion, the CMD expressed confidence in IREDA's bright future, equipped with a strong vision, strategy, resources, and team to achieve its goals. He stressed the importance of teamwork, integrity, customer focus, and social responsibility in overcoming challenges and reaching new heights of success.
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