Indian Renewable Energy Development Agency Ltd. (IREDA) has established a subsidiary named “IREDA Global Green Energy Finance IFSC Limited” in the International Financial Service Center (IFSC) at GIFT (Gujarat International Finance Tec) City, Gujarat. This is set up to aim in global financial markets to grow renewable energy in India.
The new company’s launch became official on May 7, 2024, after the Reserve Bank of India approved it on February 8.
Chairman and Managing Director of IREDA, Shri Pradeep Kumar Das, said, “IREDA in GIFT city is an important step to develop new green financing projects. This emphasises the importance of subsidiaries exceeding the plan to get new collaborations globally for new finances.”
IREDA’s involvement in IFSC is an excellent strategy that will benefit them, including growing their reach to the global level in renewable energy. This will also give them a path to getting affordable funding and partnerships for the development of renewable energy. These subsidiaries are crucial for the Indian government as they will raise initiatives like “Panchamrit” for countries’ renewable energy capabilities.
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