- IREDA’s loan book current stands at Rs 28,000 crore
- IREDA is in the process of setting up a debt fund in the form of an Alternate Investment Fund (AIF) to tap large institutional investors
New Delhi: Indian Renewable Energy Development Agency (IREDA) Ltd is aiming to grow its loan book five-fold from the current Rs 28,000 crore to Rs 1.35 lakh crore by FY26, Chairman and Managing Director (CMD) Pradip Kumar Das said on Tuesday. Addressing the 34th Annual General Meeting (AGM), Das said, “IREDA is geared up towards five-fold growth in the loan book from Rs 28,000 crore (approximately) ending March 2021 to Rs 1.35 lakh crore in financial year ending March 2026. The company plans to increase the revenue per employee from Rs. 17 Crore (approx.) in FY 2020-21 to Rs. 55 Crore ending FY 2025-26 (approximately).”
IREDA fully geared up to become equity listed company: CMD
Das also said that IREDA is presently a debt listed company and it is fully geared up for working in the direction of getting equity listed. “IREDA shall also come out with the IPO of fresh equity shares and plans to make further issue of Green Bonds in the international and domestic market to garner capital for onward lending,” said the CMD.
The IREDA CMD further said that IREDA is in the process of setting up a debt fund in the form of an Alternate Investment Fund (AIF) to tap large institutional investors such as Pension funds, Insurance Funds, Environmental, Social and Governance Funds, etc. AIF will also help IREDA in financing new projects of those borrowers who are nearing exposure limit. The company is also planning to do Asset-Based Securitisation (ABS) by issuance of Pass-Through Certificates.
Financial highlights of FY 2020-21
Annual accounts for financial year 2020-21 were adopted at the AGM. Addressing the shareholders, Das said, “Despite the COVID-19 pandemic, IREDA completed FY 2020-21 with the second-highest loan disbursements (since inception), amounting to Rs 8,827 crore, and the highest-ever Profit Before Tax of Rs 569.52 crore with an increase of 136.20 percent over Rs 241.11 crore recorded in the previous year.” A net reduction in NPA from 7.18 percent in the previous year to 5.61 percent in the financial year ending March 2021, which is a significant reduction of approximately 22 percent from the previous year, was also recorded.
IREDA is a non-banking financial institution established in 1987 for promoting, developing and extending financial assistance for setting up projects relating to new and renewable sources of energy and energy efficiency/conservation.
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