IREDA Driving Renewable Energy Progress In Country, Says Chairman Pradip Das

Indian Renewable Energy Development Agency Ltd. has played a significant role in the development of renewable energy in the country, and has been actively contributing to this sector for the past 36 years, said Pradip Kumar Das, chairman and managing director of the company.

IREDA has demonstrated expertise in successfully navigating the challenges associated with renewable energy development, Das told NDTV Profit.

IREDA has been financing the manufacturing of solar components for three decades. This space is not considered an emerging market by the company, but rather by others who are now entering the space, as a four to fivefold growth in the next 4-5 years is anticipated, he said.

"In retail, we are looking at PM Kusum and rooftop solar that is having roughly about Rs 1 lakh crore of business size opportunity," Das said.

Shares of IREDA hit an upper circuit of 10% on Wednesday, as post-listing rally continued in the first government-owned company going public in 18 months since Life Insurance Corp.

The stock surged 10% to Rs 112 apiece, the highest since its listing on Nov. 29. This compares to a 0.35% decline in the NSE Nifty 50.

The stock has now surged more than 200% over its initial public offering price of Rs 32 per share.

Investor interest in shares of the state-owned green energy financier reflects demand for public sector stocks.

"We have to see our investors' sentiment and provide them best quality corporate governance and best quality numbers also. We ensure asset quality and best quality corporate governance, digitisation and ease of doing business, in line with government of India's mandate," the chairman said.

The government is considering granting IREDA 'Navratna' status, according to him. The financial services company was upgraded to 'Schedule A' category public sector enterprise from 'Schedule B' in September.

(Corrects an earlier version that misstated IREDA's line of business)