Bookmark Bookmark

CABINET APPROVES EQUITY INFUSION IN IREDA

CABINET APPROVES EQUITY INFUSION IN IREDA

Context:

On 19 January 2022, the Cabinet Committee on Economic Affairs approved the equity infusion of Rs.1500 crore in the Indian Renewable Energy Development Agency Limited (IREDA).

Key Points:

  • This inclusion of equity will help create job opportunities for about 10200 jobs and reduce CO2 equivalent to CO2 estimated at 7.49 Million Tonnes CO2 / year.

Additional allocation of Rs.1500 crore by the Government of India will allow IREDA:

  • To lend Rs.12000 crore to the RE sector, thus simplifying the need for RE credit for an additional capacity of 3500-4000 MW.
  • Improve its networth that will enable it to provide additional funding for RE. Thus it will make a better contribution to the Government of India.
  • To improve the capital-to-risk weighted assets ratio (CRAR) to facilitate its borrowing and lending activities.

IREDA:

  • It is a Mini Ratna company (Category-1) under the management of MNRE.
  • It was established in 1987 to operate as a specialized non-banking financial institution for the Renewable Energy (RE) sector.
  • IREDA, with more than 34 years of technical expertise, plays a significant role in funding the RE project, which gives hope to FIs / banks to lend to the sector.

You might be interested:

NATIONAL COMMISSION FOR SAFAI KARAMCHARIS (NCSK) TERM EXTENSION

NATIONAL COMMISSION FOR SAFAI KARAMCHARIS (NCSK) TERM EXTENSION Context: On 19 January 2022, the Union Cabinet approved the extension of the National Commission for Safai Karamcharis (NCSK) for three ...

7 months ago

INDONESIA PASSES LAW TO RELOCATE CAPITAL FROM JAKARTA TO NUSANTARA

INDONESIA PASSES LAW TO RELOCATE CAPITAL FROM JAKARTA TO NUSANTARA Context: On 19 January 2022, the Indonesian Parliament passed a law to relocate the country's capital from Jakarta to Nusantara. This ...

7 months ago

GLOBAL CYBER SECURITY OUTLOOK 2022

GLOBAL CYBER SECURITY OUTLOOK 2022 Context: On 18 January 2022, the World Economic Forum published the Global Cyber security Outlook 2022. Key Points: The World Economic Forum's 'Global Cybersecurity ...

7 months ago

OPERATION SARD HAWA

OPERATION SARD HAWA Context: The Border Security Force, BSF, will conduct Operation Sard Hawa between January 23 and 28. Key Points: Under operation, the BSF raises surveillance on the Pakistani bord ...

7 months ago

KAZIRANGA NATIONAL PARK AND TIGER RESERVE CENSUS

KAZIRANGA NATIONAL PARK AND TIGER RESERVE CENSUS Context: On January 19, 2022, the eastern wetlands of Kaziranga National Park and the Tiger Reserve census recorded 868 deer, including 173 males, 557 ...

7 months ago

Saa₹thi APP BY SEBI

Saa₹thi APP BY SEBI Context: On January 19, 2022, the Securities and Exchange Board of India (SEBI), capital markets regulator, launched a new mobile app called Saa₹thi on investor education. Abou ...

7 months ago

Provide your feedback on this article: