Manufacturing: IREDA works out GIFT City plan

Das-led leadership driving market innovations for Green Ammonia

The Indian Renewable Energy Development Agency Ltd (IREDA) says its wholly-owned subsidiary at GIFT City is to promote Green Hydrogen and renewable energy equipment manufacturing through foreign currency financing.

Pradip Kumar Das, Chairman and Managing Director, addressed all IREDA employees via video conferencing on 1 Jan 2025, and shared details about the “in-principle” approval received to establish a retail subsidiary.

Highlighting expansion efforts, Das said, “This subsidiary will focus on handling retail business under the PM-Suryaghar (Rooftop Solar) and PM-KUSUM schemes, as well as emerging B2C segments in renewable energy, including electric vehicles, energy storage, green technologies, and energy efficiencyhttps://www.bseindia.com/.

Elaborating, he said IREDA’s leadership is driving market innovations, by offering first-to-market support for Green Ammonia, and Pumped Storage Hydropower projects as well as de-centralized generation projects under Solar Rooftop and PM KUSUM https://www.nseindia.com/.

As per provisional Q3 figures, Das underlined IREDA’s stellar performance, surging 129% Y-o-Y to Rs.31,087 crore and disbursements up 41% to Rs.17,236 crore.

The outstanding loan book grew 36%, reaching Rs.69,000 crore. Cumulatively, IREDA has sanctioned over Rs.2.39 lakh crore and disbursed more than Rs.1.52 lakh crore.

Das also recapped IREDA’s key milestones from the past year, including attaining Navratna status, receiving an international sovereign-equivalent BBB-(Stable) rating from S&P Global, and maintaining domestic AAA ratings.

He noted IREDA’s record-setting publication of FY23-24 financial results in just 19 days and hosting India’s earliest AGM on June 24, 2024.

Additionally, IREDA has been recognized as one of the Top 5 Wealth Creators in India for the period November 2023 to November 2024, securing the prestigious 2nd position by the leading Business Newspapers. Notably, it is the only public sector enterprise on this top 5 wealth creators list https://sbi.com.in/.

Concluding his address, Das praised the employees for their commitment and dedication, urging them to continue driving innovation and excellence in India’s green energy mission. 

He also extended his appreciation to the family members of IREDA employees, acknowledging their crucial role in supporting the workforce behind the company’s success. Fiinews.com