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IREDA to launch IPO after Rs 1,500-cr capital infusion by govt: CMD

IREDA CMD Pradip Kumar Das has said that the company would launch an Initial Public Offer (IPO) after the infusion of Rs 1,500 crore by the government
IREDA to launch IPO after Rs 1,500-cr capital infusion by govt: CMD
IREDA to launch IPO after Rs 1,500-cr capital infusion by govt: CMD

New Delhi: Indian Renewable Energy Development Agency Ltd (IREDA) Chairman and Managing Director Pradip Kumar Das said on Saturday that the company would launch an Initial Public Offer (IPO) after the infusion of Rs 1,500 crore by the government and will approach domestic as well as international market for raising resources. At the 6th virtual interaction meet with stakeholders (borrowers), the IREDA CMD said that the exposure limit of IREDA would increase in line with the RBI norms soon after receiving equity of Rs 1,500 crore from the Centre. "The company will also launch its Initial Public Offer (IPO) after equity infusion, which would further enhance the exposure limit for the entity and the group," said Das.

Delivering the opening remarks, the IREDA CMD stressed on the strategic action plan and important initiatives taken by IREDA for ease of doing business over the last 16 months. 

IREDA to venture into e-mobility, green hydrogen, offshore wind

Discussing the new and emerging RE technologies, Das said that, beyond traditional sources like solar PV and onshore wind, strong demand and potential is expected in E-Mobility, Green Hydrogen, and Offshore Wind etc. "These are currently in the advanced stage of the planning phase but are expected to occupy a significant position in achieving India’s energy transition in near future. Hence, IREDA plans to venture into these technologies and support the growth at this early stage, for which the Object clause of the company has also been suitability amended," said Das.

IREDA to open office in Bhubaneswar

Das also highlighted the major initiatives taken by IREDA for continuous improvement in operational efficiency and ease of doing business. Speaking on the opening of new branch offices, he said that since Odisha has significant Renewable Energy potential, the opening of the branch in the region was a long-felt need. "Bhubaneswar branch is an important step towards realising the company’s vision for the expansion of business. It will provide easy access and services to the company’s borrowers and stakeholders in the region,” said Das.

During the interaction, most of the borrowers from across the sectors expressed their huge satisfaction and gratitude to IREDA for lowering the interest rates and providing rebates. Many business partners expressed their gratitude to IREDA for process improvement and prompt response at IREDA over the last year despite the two phases of the COVID pandemic.

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