News Update

Pre-Budget Meet: State FMs seek improvement in capital investment scheme8 killed in major blast in Gurugram fire extinguisher factoryPM Modi & Sheikh Hasina hold bilateral talksEC kicks off updation of Electoral Rolls for Haryana, Jharkhand, Maharashtra & J&KMany beneficial legal provisions proposals in plate for GST Council’s meeting todayMinister launches 10th tranche of commercial Coal Mine AuctionsSwiss Court sentences Hinduja family members to 4-yr jail-term for exploiting Indian staffers at Geneva mansionCentre imposes stock limits on tur and chana until Sept 30thGovt notifies new law enacted to stymie malpractices in competitive examinationsHaj Pilgrimage: Govt sets up portal real time monitoring of patients, OPDs and critical care treatmentAnti-tax protest turns ‘taxing’ in Nairobi; 200 injured in police lathi-chargeChouhan assures 100% procurement for Tur, Urad and MasoorUS Supreme Court upholds ban on guns in domestic abuse casesI-T- AO cannot travel beyond the mandate, he cannot proceed to make any other additions beyond the reasons recorded to reopen the assessment: ITATSouth Korea to supply arms to UkraineChina threatens EU of intensified trade warI-T-CIT(A) cannot absolve assessee from rigors of Section 68, where assessee does not furnish evidence to prove identity, creditworthiness of parties & genuineness of transaction: ITATJapanese company Nissan pauses production at Chinese plantFlorida family seeks compensation from NASA after space junk wrecks houseArmenia recognises Palestinian StateIndia to bid for 2036 Olympics; to push for inclusion of cricket and KabaddiFails to drub Pawan Kalyan; YSRCP leader changes his name
 
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
   

TIOL Tube Latest

Shri Harivansh Narayan Singh, Deputy Chairperson of the Rajya Sabha, addressing the gathering.



Shri Ram Nath Kovind, Hon'ble 14th President of India, addressing the gathering at TIOL Special Awards event.