IREDA incorporates subsidiary in GIFT City, Gujarat

New Delhi: State-owned IREDA on Thursday said it has incorporated a subsidiary at the International Financial Services Centre (IFSC) located in GIFT City, Gujarat.

IREDA Global Green Energy Finance IFSC Limited was officially incorporated on May 7, after receiving the no objection letter from the Reserve Bank of India (RBI) in February 2024, to set up the finance company in IFSC GIFT City, IREDA said.

Pradip Kumar Das, Chairman & Managing Director of IREDA, said, "This subsidiary not only positions IREDA to extend its global reach but also acts as an offshore platform for securing competitive funding to drive the renewable energy sector's growth." He added that IREDA's entry into the IFSC is anticipated to unlock fresh business prospects and establish its global footprint in the renewable energy sector.

Indian Renewable Energy Development Agency Limited (IREDA), under the Ministry of New and Renewable Energy (MNRE), is a Non-Banking Financial Institution engaged in promoting, developing and extending financial assistance for setting up projects relating to new and renewable sources of energy and energy efficiency/conservation.