IREDA's Ambitious Fiscal Plans and Green Transition
State-owned IREDA aims to raise Rs 2,500-3,000 crore through qualified institutional placement, following a successful IPO. The company tackles exposure with Gensol Engineering amidst insolvency proceedings, while aligning with sustainability goals. Policy developments boost its bonds, attracting investment for India's green energy expansion.
- Country:
- India
State-owned IREDA plans to raise Rs 2,500-3,000 crore through a qualified institutional placement route this fiscal, following its successful IPO last December, a top company official revealed on Monday.
The company is grappling with Rs 700 crore exposure to the crisis-affected Gensol Engineering, having recovered over Rs 100 crore through various financial instruments. Gensol, known for its role as financier and lessor to the all-electric ride-hailing company Blue Smart, is undergoing corporate insolvency proceedings, admitted by the National Company Law Tribunal in Ahmedabad.
IREDA's ambitious financial strategies align with national sustainability aims, with net worth up 36% and IREDA bonds now labeled as long-term specified assets. This designation, by the Central Board of Direct Taxes, aids capital gains tax exemptions enhancing investor appeal. Performance growth and strategic diversification underscore IREDA's pivotal role in India's renewable energy sector.
(With inputs from agencies.)
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