IREDA, Indian Overseas Bank forge partnership for RE funding

19 Jan 2024 CW Team

The state-owned Indian Renewable Energy Development Agency (IREDA) unveiled collaboration with Indian Overseas Bank (IOB) to jointly fund renewable energy projects in India. The formal agreement, inked in the national capital, was attended by IREDA CMD Pradip Kumar Das and IOB MD and CEO Ajay Kumar Srivastava, according to an official statement.

The memorandum of understanding (MoU) signed between IREDA and Indian Overseas Bank marks the beginning of a partnership facilitating co-lending and loan syndication for a diverse range of renewable energy projects nationwide, the statement explained.

IREDA's CMD emphasised, "Through the consolidation of our strengths and resources, our goal is to provide robust financial support to renewable energy projects. This collaboration seeks to streamline loan syndication and underwriting processes, manage Trust and Retention Account (TRA) for IREDA borrowers, and establish fixed interest rates over a 3-4-year period for IREDA borrowings."

Highlighting IREDA's track record of successful collaborations with leading financial institutions like Bank of Baroda, Bank of India, Union Bank of India, India Infrastructure Finance Company Limited, and Bank of Maharashtra, Das emphasised the expansion of partnerships in the renewable energy sector.

IREDA, operating under the Ministry of New and Renewable Energy, serves as a non-banking financial institution dedicated to promoting, developing, and extending financial assistance for projects related to new and renewable sources of energy, as well as energy efficiency and conservation.

Infrastructure Urban

06 Apr 2026

InsideFPV Delivers ₹10 Crore Kamikaze Drone Order Under MoD’s EPR Route

InsideFPV, a Surat-based drone technology manufacturer, has successfully executed a ₹10 crore defence contract to supply indigenous kamikaze drones under the Ministry of Defence’s Emergency Procurement Route (EPR). The company completed the delivery of hundreds of FPV kamikaze drone platforms within a rapid two-month timeframe, highlighting its ability to meet urgent military procurement timelines.The supply orders were fulfilled under the emergency procurement mechanism, which is aimed at fast-tracking acquisitions for immediate operational needs. InsideFPV’s quick execution reflects it..

Vedanta Resources Secures Fitch Upgrade to ‘BB-’, Best Rating Since 2015

Vedanta Resources Limited (VRL), a global player in metals, oil & gas, critical minerals, power and technology, has received a credit rating upgrade from Fitch Ratings, marking its strongest bond rating in over a decade.Fitch has raised Vedanta Resources’ Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘BB-’ from ‘B+’, while maintaining a Stable Outlook. The agency also upgraded VRL’s senior unsecured rating, along with the ratings of US dollar-denominated bonds issued by Vedanta Resources Finance II Plc and guaranteed by VRL, to ‘BB-’.The upgrade represents Vedan..

NAREDCO NextGen NCR Chapter Launched

The NAREDCO NextGen NCR Chapter was recently launched at Excelerate 2026 in Mumbai, marking a key step towards integrating emerging real estate leaders from the National Capital Region with the national platform. The initiative aims to promote sustainable and responsible urban development through collaboration and knowledge exchange.The event brought together young developers, entrepreneurs, and professionals from across NCR, including Noida, Gurugram, Ghaziabad, Faridabad, Bhiwadi, and Meerut. Discussions focused on urban development, finance, sustainability, innovation, and policy, emphasisi..