Shares of state-owned IREDA were wobbly on Wednesday morning even as IREDA Global Green Energy Finance IFSC received provisional registration as a finance company from the International Financial Services Centre Authority (IFSCA).
What Happened: IREDA confirmed the provisional registration in a stock exchange filing that IREDA Global Green Energy Finance IFSC was given provisional registration as a finance company at Gujarat International Finance Tec-City (GIFT City).
This strategic move is part of IREDA's broader plan to expand its global presence and explore new business opportunities in the renewable energy sector.
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Pralhad Joshi, union minister for new and renewable energy, welcomed the development, emphasising GIFT City's role as a hub for international financial activities. He noted that the establishment of IREDA’s subsidiary at GIFT City aligns with India’s vision of becoming a “developed” nation by 2047.
Earlier this week, IREDA signed initial agreements with SJVN and GMR Energy to develop the 900-megawatt Upper Karnali hydroelectric project in Nepal. The project is set to bolster regional energy security and further IREDA's commitment to renewable energy infrastructure.
Price Action: IREDA’s share price was down 0.37% in early trade on Wednesday, giving away gains of 2.6% at open. The stock has surged around 125% this year, more than doubling investor returns and outperforming Nifty's 16% gain.
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