The International Financial Services Centre Authority (IFSCA) has granted provisional registration to IREDA Global Green Energy Finance IFSC Limited, a wholly owned subsidiary of IREDA, as a finance company at GIFT City. The announcement was made today in the presence of notable dignitaries including Shri Pralhad Joshi, Union Minister for New and Renewable Energy, Consumer Affairs, Food, and Public Distribution; Shri Kanubhai Desai, Gujarat’s Minister of Finance, Energy, and Petrochemicals; Shri Bhupinder Singh Bhalla, Secretary, MNRE; and Shri Pradip Kumar Das, CMD of IREDA.
Union Minister Shri Joshi emphasized the significance of GIFT City in India’s development goals, stating, “GIFT City is a hub for international financial and investment activities, playing a pivotal role in India’s vision of ‘Viksit Bharat’ (Developed Nation) by 2047.”
Shri Pradip Kumar Das, CMD of IREDA, underscored the strategic importance of the new subsidiary. “IREDA’s presence in GIFT City demonstrates our commitment to advancing green financing solutions globally. This subsidiary will enable us to access competitive funding and foster international collaborations, driving forward the renewable energy sector. As Prime Minister Modi has highlighted, ‘GIFT City is a gateway to global opportunities,’ and IREDA aims to capitalize on these prospects.”
The event also saw the attendance of Shri Dipesh Shah, Executive Director; Shri Praveen Trivedi, Executive Director; Shri Supriyo Bhattacharjee, CGM of IFSCA; and senior officials from the Bank of Baroda’s GIFT City unit.
The launch of IREDA Global Green Energy Finance IFSC Limited is a key strategic move to broaden IREDA’s global presence and explore new business avenues. Recently, S&P Global Ratings assigned IREDA a ‘BBB-’ long-term and ‘A-3’ short-term issuer credit rating with a ‘Stable’ outlook. The rating reflects strong government support, positioning IREDA above the baseline for financial companies in India.
