Shares of IREDA are set to continue their rally on September 11 after the company announced that its wholly-owned subsidiary, IREDA Global Green Energy Finance IFSC Ltd, has received provisional registration as a finance company from the International Financial Services Centre Authority (IFSCA) at GIFT City in Gujarat. This registration enables IREDA to expand its international financial operations and explore new business avenues.
IREDA, while making the announcement, had mentioned that the new subsidiary would be very crucial for global green energy finance and was part of the larger goal of ‘Viksit Bharat 2047’ or Developed India. Union Minister for Renewable Energy, Pralhad Joshi, also praised GIFT City as a fast-emerging hub for international financial activities.
This proposed announcement comes after a string of recent developments that include IREDA partnering with SJVN and GMR Energy to develop the 900MW Upper Karnali hydro-electric project in Nepal, with the ultimate aim of regional energy security through renewable energy projects.
Further supporting the fact as stated above, recently S&P Global Ratings assigned ‘BBB -‘ long-term and ‘A-3’ short-term credit rating to IREDA along with a stable outlook, factoring in strong government support for the company. In shares of IREDA, which zoomed 5.3% to close at Rs 235 in the last session on NSE alone, more than doubled this year, rallying 125% year-to-date whereas it surged 292% in the last one year, while the Nifty rose 29% in the same period.
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Source: Moneycontrol
News Desk
