Ireda to open IFSC unit to mop up cheaper funds

THE Indian Renewable Energy Development Agency (Ireda) will be opening its IFSC unit shortly that will help the greenenergy-focused public sector financier mop up funds at a much cheaper rates, lowering its loan prices, a top official has said.

- BENN KOCHUVEEDAN

The Ireda had had a runaway success in the capital market when it got listed last November and the shares have since then rallied over sevenfold.

"We hope to get the permission to open a unit in Gift City at the International Financial Services Centre (IFSC) in Gandhinagar in next two-three months. Once the permission is in, we aim to complete the process very shortly. Once we open the unit, we will tap all sorts of bonds, primarily green and social bonds from there. Given our latest S&P ratings we are confident we can raise funds at much lower rate now," Pradip Kumar Das, chairman and MD, told TNIE here.