About IREDA

• • Indian Renewable Energy Development Agency Limited (IREDA) is a Mini Ratna (Category – I) Government of India Enterprise under the administrative control of Ministry of New and Renewable Energy (MNRE). 

• The CPSEs which have made profit in the last three years continuously, pre-tax profit is Rs.30 crores or more in at least one of the three years and have a positive net worth are eligible to be considered for grant of Miniratna Category-I status.

• IREDA is a Public Limited Government Company established as a Non-Banking Financial Institution in 1987 engaged in promoting, developing and extending financial assistance for setting up projects relating to new and renewable sources of energy and energy efficiency/conservation with the motto: ‘ENERGY FOR EVER’.
• Its objective is to give financial support to specific projects and schemes for generating electricity and/or energy through new and renewable sources and conserving energy through energy efficiency.

Why in News?

• Indian Renewable Energy Development Agency Ltd. (IREDA) has incorporated a wholly owned subsidiary in the International Financial Services Centre (IFSC) located in GIFT City, Gujarat. 
• Named “IREDA Global Green Energy Finance IFSC Limited,” the subsidiary was officially incorporated on 7th May, 2024. 

About IFSC

• An International Financial Services Centre (IFSC) is a jurisdiction that provides world class financial services to non-residents and residents in a currency other than the domestic currency (Indian Rupee) of the location where the IFSC is located. 
• Services provided by an IFSC:
  • Fund-raising services for individuals, corporations and governments
  • Asset management and global portfolio diversification undertaken by pension funds, insurance companies and mutual funds
  • Wealth management
  • Merger and acquisition activities among trans-national corporations, etc.

GIFT City

• • India’s 1st IFSC has been set up at the Gujarat International Finance Tec-City (GIFT City) in Gandhinagar. 
  • Operationalized in 2015, it is intended to provide Indian corporates with easier access to global financial markets, and to complement and promote the further development of financial markets in India.
  • It seeks to bring back the financial services and transactions that are currently carried out in offshore financial centers by Indian corporate entities and overseas branches / subsidiaries of financial institutions (FIs) to India by offering a business and regulatory environment that is comparable to other leading international financial centers in the world like London and Singapore. 

• The International Financial Services Centres Authority (IFSCA) was established in 2020 as a unified authority for the development and regulations of IFSCs in India.

https://pib.gov.in/PressReleasePage.aspx?PRID=2020099