In a significant development towards sustainable energy development, the Ministry of New and Renewable Energy, Government of India, has upgraded the Indian Renewable Energy Development Agency Ltd. (IREDA) from ‘Schedule B’ to ‘Schedule A’ category Central Public Sector Enterprises. This transformation paves the way for IREDA to potentially attain “Navratna” status, granting it greater financial autonomy.
IREDA, the largest pure-play green financing Non-Banking Financial Company (NBFC) in India, is now better positioned to drive the adoption of renewable energy solutions across the country. Shri Pradip Kumar Das, Chairman and Managing Director of IREDA, expressed his delight and gratitude, emphasizing the organization’s potential to transform India’s energy landscape towards sustainability.
IREDA’s impressive track record includes substantial growth in term loans outstanding, loans sanctioned, and loans disbursed between Fiscal 2021 and Fiscal 2023. Additionally, the company achieved remarkable financial performance with rising total income and profits after tax, reflecting a commendable Compound Annual Growth Rate (CAGR). Furthermore, IREDA showcased its commitment to healthy asset quality with a substantial reduction in non-performing assets (NPAs).
The elevation to ‘Schedule A’ status acknowledges IREDA’s past accomplishments and underscores its pivotal role in promoting renewable energy in India. This milestone aligns with the government’s commitment to advancing the renewable energy sector, setting the stage for even greater achievements in the future.
