IREDA, a state-owned entity, has established a subsidiary within the International Financial Services Centre (IFSC) situated in GIFT City, Gujarat. Officially named IREDA Global Green Energy Finance IFSC Limited, the subsidiary was incorporated on May 7, following the receipt of a no objection letter from the Reserve Bank of India (RBI) in February 2024, permitting the establishment of the finance company within IFSC GIFT City, as stated by IREDA.

"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?, emphasised Pradip Kumar Das, Chairman & Managing Director, IREDA.

IREDA, operating under the Ministry of New and Renewable Energy (MNRE), is a Non-Banking Financial Institution dedicated to promoting, developing, and providing financial assistance for the establishment of projects related to new and renewable energy sources, along with energy efficiency and conservation efforts.

(Source:ET)