IREDA Subsidiary Provisionally Registered As Finance Company In GIFT City

The International Financial Services Centre Authority has provisionally registered IREDA Global Green Energy Finance IFSC Ltd. as a finance company in GIFT City.

The announcement was made in the presence of multiple guests, including Pralhad Joshi, Union Minister for new and renewable energy, consumer affairs, food, and public distribution, and Pradip Kumar Das, chief managing director at IREDA, among others, according to an exchange filing on Tuesday.

"GIFT City is a hub for international financial and investment activities, playing a pivotal role in India’s vision of ‘Viksit Bharat’ by 2047," Pralhad Joshi said.

"IREDA’s presence in GIFT City reflects our commitment to advancing green financing solutions on a global scale," according to Pradip Kumar Das.

"This new subsidiary will help us secure competitive funding and foster collaborations with international investors, boosting the renewable energy sector forward," he said.

IREDA Global Green Energy Finance is a strategic initiative that will enhance IREDA’s international footprint and open new business opportunities. S&P Global Ratings gave IREDA a 'BBB-' long-term and 'A-3' short-term credit rating, with a 'stable' outlook.

Shares of IREDA closed 4.64% higher at Rs 233.60 apiece, compared to a 0.44% rise in the benchmark BSE Sensex.