IREDA Secures RBI Nod for IFSC Subsidiary

9 Feb 2024 , 03:27 PM

IREDA has received approval from the RBI to establish a wholly-owned subsidiary in the International Financial Services Centre (IFSC) at GIFT City, Gujarat.

The move is a significant step for IREDA in its mission to lead innovative green financing solutions and expand its global footprint.

The subsidiary in GIFT City will serve as an offshore platform to secure competitive funding, supporting the growth of the renewable energy sector in line with the Government of India’s ambitious ‘Panchamrit’ targets.

Pradip Kumar Das, CMD of IREDA, emphasized the potential for new business opportunities and global partnerships, anticipating increased access to innovative financing options and collaboration with international investors.

IREDA’s entry into the IFSC is seen as a strategic move aligning with the vision of facilitating sustainable development through renewable energy investments, both domestically and internationally.

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