IREDA | |
Company type | Public |
Founded | 1987 |
Headquarters | India Habitat Centre, East Court, Core-4A, 1st Floor, Lodhi Road, New Delhi, India |
Key people |
|
Revenue | ₹4,965 crore (US$590 million) (2024) [2] |
₹1,685 crore (US$200 million) (2024) [2] | |
₹1,252 crore (US$150 million) (2024) [2] | |
Total assets | ₹62,600 crore (US$7.5 billion) (2024) [2] |
Total equity | ₹8,560 crore (US$1.0 billion) (2024) [2] |
Owner | Government of India (75%) [3] |
Website | www |
Indian Renewable Energy Development Agency Limited (IREDA) is an Indian public sector enterprise which provides financial assistance and other services to projects related to renewable sources of energy and energy efficiency/conservation. Formed in 1987, IREDA is a Navratna organisation owned by the Government of India and administratively controlled by the Ministry of New and Renewable Energy (MNRE). [4]
In November 2023, IREDA went public with an initial public offering (IPO), listing on NSE and BSE. [3]
Indian Renewable Energy Development Agency Limited [5] is a Public Limited Government Company and a Non-Banking Financial Institution [6] formed with the objective of promoting, developing and extending financial assistance for setting up projects relating to new and renewable sources of energy and energy efficiency/conservation. [7] It is a Mini Ratna (Category – I) Government of India Enterprise and under the administrative control of Ministry of New and Renewable Energy (MNRE). [8]
On April 26, 2024 IREDA was officially granted Navratna status by the Department of Public Enterprises (DPE) . Business Standard reports; "Obtaining Navratna status in India bestows significant advantages on a Public Sector Undertaking (PSU). These include greater financial and operational autonomy, allowing for swifter decision-making and improved responsiveness to market shifts. The enhanced freedom also translates to increased investment opportunities, attracting capital for growth initiatives." [13]
Engineers India Limited (EIL) is an Indian public sector industrial technology, engineering consultancy and technology licensing company. It was set up in 1965 with the mandate of providing indigenous technology solutions across hydrocarbon projects. Over the years, it has also diversified into synergic sectors like non-ferrous metallurgy, infrastructure, water and wastewater management and fertilizers.
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The Ministry of New and Renewable Energy (MNRE) is a ministry of the Government of India, headed by current Union Cabinet Minister Pralhad Joshi, that is mainly responsible for research and development, intellectual property protection, and international cooperation, promotion, and coordination in renewable energy sources such as wind power, small hydro, biogas, Battery Energy Storage and solar power.
India's solar power installed capacity was 84.28 GW AC as of 31 May 2024. India is the third largest producer of solar power globally.
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Power Finance Corporation Ltd. is an Indian central public sector undertaking owned by the Ministry of Power, Government of India. Established in 1986, it is the financial backbone of Indian power sector. PFC's net worth as on 30 June 2023 is INR 1.184 trillion. PFC is the 8th highest profit making Central Public Sector Undertaking (CPSU) as per the Department of Public Enterprises Survey for FY 2017–18. PFC is India's largest NBFC and also India's largest infrastructure finance CPSU. Government has raised status of PFC from 'Navratna' to 'Maharatna' on 12 October 2021.
India is the world's 4th largest consumer of electricity and the world's 3rd largest renewable energy producer with 40% of energy capacity installed in the year 2022 coming from renewable sources. Ernst & Young's (EY) 2021 Renewable Energy Country Attractiveness Index (RECAI) ranked India 3rd behind USA and China. In FY2023-24, India is planning to issue 50 GW tenders for wind, solar and hybrid projects. India has committed for a goal of 500 GW renewable energy capacity by 2030. In line with this commitment, India's installed renewable energy capacity has been experiencing a steady upward trend. From 94.4 GW in 2021, the capacity has gone up to 119.1 GW in 2023 as of Q4.
REC Limited, formerly Rural Electrification Corporation Limited, of which Power Finance Corporation Limited (PFC) is the holding company of that is under the ownership of the Ministry of Power, the Government of India. It finances and promotes power projects across India. The PSU provides loans to Central/State Sector Power Utilities in the country, State Electricity Boards, Rural Electric Cooperatives, NGOs and Private Power Developers. On 20 March 2019, PFC signed an agreement to acquire a 52.63% controlling stake in REC for ₹14,500 crore (US$1.7 billion). On 28 March, PFC announced that it had completed making the payment for the acquisition and intended to merge REC with itself in 2020. However, REC has maintained that merging PFC-REC is no longer an option.
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Indian Railway Finance Corporation (IRFC) is an Indian public sector undertaking engaged in raising financial resources for expansion and running through capital markets and other borrowings. The Government of India owns a majority stake in the company, while the Ministry of Railways has administrative control.
Public Sector Undertakings (PSU) in India are government-owned entities in which at least 51% of stake is under the ownership of the Government of India or state governments.These type of firms can also be a joint venture of multiple PSUs. These entities perform commercial functions on behalf of the government. Depending on the level of government ownership, PSUs are officially classified into two categories: Central Public Sector Undertakings (CPSUs), owned by the central government or other CPSUs; and State Public Sector Undertakings (SPSUs), owned by state governments. CPSU and SPSU is further classified into Strategic Sector and Non-Strategic Sector. Depending on their financial performance and progress, CPSUs are granted the status of Maharatna, Navaratna, and Miniratna.
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