IREDA gets Infrastructure Finance Company status from RBI

IREDA gets Infrastructure Finance Company status from RBI

Daily Current Affairs / IREDA gets Infrastructure Finance Company status from RBI

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Category : Business and economics Published on: March 16 2023

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State-owned Indian Renewable Energy Development Agency (IREDA) has received Infrastructure Finance Company status from the Reserve Bank of India.
It was earlier classified as an 'Investment and Credit Company (ICC)'.
The IFC status will also help the company to access wider investor base for fund mobilisation, resulting in competitive rates for fund raising.
The grant of IFC status is a recognition of IREDA’s 36 years of infrastructure financing and development with focused development of Renewable Energy.
With IFC status, IREDA will keep contributing towards Govt. of India’s target of 500 GW installed capacity of non-fossil fuels by 2030.
Indian Renewable Energy Development Agency (IREDA) was incorporated as a Public Limited Company in the year 1987 as a 'Non-Banking Financial Institution'.
It is a Miniratna (Category 1) type company functioning under the administrative control of 'Ministry of New and Renewable Energy, Government of India.
It has been notified as a 'Public Financial Institution' under section 4'A' of the 'Companies Act, 1956'.

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