🌿🇮🇳 #IREDAUpgrade: A significant milestone in sustainable energy development! Indian Renewable Energy Development Agency Ltd. (IREDA), India’s leading green financing NBFC, has been promoted from ‘Schedule B’ to ‘Schedule A’ category of Central Public Sector Enterprises. This elevation, as per an Office Memorandum dated September 27, 2023, issued by the Department of Public Enterprises, Ministry of Finance, has been confirmed by the Ministry of New & Renewable Energy on September 29, 2023.
This move sets the stage for IREDA’s potential transition from “Mini Ratna (Category– I)” to “Navratna” status, granting increased financial autonomy. This will empower IREDA to take strategic decisions, furthering its commitment to accelerate the adoption of renewable energy solutions in India.
Chairman and Managing Director of IREDA, Shri Pradip Kumar Das, expressed his elation and gratitude, recognizing the team’s dedication and the government’s trust. He emphasized the potential IREDA holds in shaping India’s renewable energy sector and driving sustainability.
Shri Pradip Kumar Das extended his thanks to various ministries, secretaries, and board members for their unwavering support and guidance, attributing their contributions to IREDA’s elevation to ‘Schedule A’ status.
📊 IREDA’s robust performance highlights include:
- Impressive CAGR of 30.00% in Term Loans Outstanding between Fiscal 2021 and Fiscal 2023.
- Significant loans sanctioned and disbursed in the respective fiscal years.
- Strong CAGR of 14.48% in Total Income between Fiscal 2021 and Fiscal 2023.
- Remarkable CAGR of 57.99% in Profit After Tax between Fiscal 2021 and Fiscal 2023.
- Noteworthy reduction in Gross and Net NPAs as a percentage of Term Loans Outstanding.
🔍 For more information on CPSE classification, refer to the links below:
#SustainableEnergy #IREDA #CentralPublicSectorEnterprises #RenewableEnergyDevelopment #NavratnaStatus #IndianFinanceSector #GreenFinancing
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