News Update

CBI registers case against Netherlands-based Ballarpur International Holdings for Rs 151 Cr bank fraudSinking birth rate - China allows students a week off to ‘fall in love’Strong thunderstorms kill 22 and rip off houses in 8 of Central US StatesWB Chief worries over rising Chinese loans to AfricaUkraine scoffs at Russia assuming presidency of Security CouncilUS smackdown with crypto industry helping HK welcome them with open armsGST - March collections peak to Rs 1.6 lakh croreIndia’s defence exports peak close to Rs 16,000 CroreGoogle upgrading Bard to compete with ChatGPTCOVID surges back; 2994 cases reported in 24 hoursEven after being fined, Delhi CM again asks for details of PM’s degreesCus - CESTAT's reasoning and conclusion that LCD panels [used in TV sets; Audio systems in automobiles] are classifiable under CTH 9013.8010 is sound and unexceptionable: SCGovt’s debt grows by 2.6% in Q3 of FY 2022-23CX - Once the order-in-original sanctioning refund came to be set aside in a proceeding u/s 35E, there is no question of any further notice u/s 11A: SCGST - Amendment to Rule 89(4)(C) of CGST Rules is illegal, arbitrary, unreasonable, irrational, unfair, unjust & ultra vires Section 16 of IGST Act & Section 54 of CGST Act as well as Articles 14 & 19 of Constitution; hence merits being quashed: HCST - Re-insurance does not cover the risk to the asset; is not excluded from the definition of 'input service': HCCBDT inks 95 Advance Pricing Agreements in FY 2022-23I-T - Addition made w.r.t. profits from diamond purchases is upheld, where assessee is not shown to have sufficient bank balance to purchase diamonds & is unable to explain how such purchases were made: ITATGovt culls Rs 17.3 lakh crore tax revenue net to Centre by Feb-endScindia inaugurates direct flight between Indore and SharjahIndian exports eyeing USD 2 trillion target by 2030: GoyalCus - Merely because appellant has been issued a License by Drugs & Cosmetics Act, it cannot be said that Saccharomyces Boulardii are known and understood as medicine, same are to be classified under Chapter 21: CESTATWith Presidential assent, Finance Act 2023 gets enacted w.e.f April 01, 2023Italy bans AI-driven bot ChatGPTPowerful tornado hits Arkansas; Central US gears up for aggressive weatherKozhikode Airport Customs seizes gold worth Rs 2 CroreManish Sisodia again denied bail; Nothing wrong in arrest warrant found
 
Cabinet okays listing of Indian Renewable Energy Development Agency through IPO

By TIOL News Service

NEW DELHI, MAR 18, 2023: THE Cabinet Committee on Economic Affairs (CCEA) has approved for listing of IREDA - a CPSE under Ministry of New & Renewable Energy (MNRE) on the Stock Exchanges through an Initial Public Offer (IPO) by part sale of Government's stake in it and to raise funds for IREDA through issue of fresh equity shares.  Department of Investment and Public Asset Management (DIPAM) will drive the listing process.

This decision supersedes earlier CCEA decision taken in June, 2017 for allowing IREDA to issue 13.90 crore fresh equity shares of Rs. 10.00 each to the public on book building basis through IPO. The instant decision has been necessitated due to change in capital structure following infusion of capital to the tune of Rs. 1500 crore by the Government in March, 2022.

The Initial Public Offer (IPO) will help in unlocking the value of Government's investment on one hand and on the other hand will provide an opportunity to the public to acquire stake in the national asset and draw benefits therefrom. Besides, it will help IREDA in raising a part of its capital requirement for meeting growth plans without depending on the public exchequer, and improve governance through greater market discipline and transparency arising from listing requirements and disclosures.

IREDA is currently a wholly owned Government of India, Mini-ratna (Category-I) CPSE incorporated in 1987 and is engaged in financing of Renewable Energy (RE) and Energy Efficiency (EE) projects in India. It is registered as a Non-banking Financial Company (NBFC) with the Reserve Bank of India (RBI). The Government, in line with the pledge made as a part of Nationally Determined Contribution (NDC) in Paris Accord on Climate Change has set the targets of achieving 175 GW of installed RE capacity by 2022 and 500 GW by 2030. IREDA has a pivotal role to play in achievement of RE targets.

The implementation and operation of Renewal Energy/Energy Efficiency projects by IREDA as per their Business Plan in line with the RE targets of GoI will help in creating direct and indirect employment opportunities for both skilled and unskilled manpower.


POST YOUR COMMENTS