Benzinga - Shares of state-owned IREDA (NS:INAR) 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.
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 (NS: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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