The purpose of expanding the focus from fiscal to retail business is to offer new kinds of financing opportunities for both rural and urban people.
In an effort to bolster and commence a new B2B unit in the renewable energy sector, state-owned Indian Renewable Energy Development Agency (IREDA) has finally granted approval from the Department of Investment and Public Asset Management (DIPAM). IREDA’s upcoming wholly-owned subsidiary, will monitor the retail business under PM-Suryagarh (Rooftop Solar), PM-KUSUM schemes, and other B2C segments in the renewable energy (RE) sector.
IREDA works under the Ministry of New and Renewable Energy and is a non-banking financial unit. According to IREDA’s official statement, the new B2B business unit will also focus on the upcoming, much-anticipated renewable energy sectors such as EVs, energy storage, green technologies, sustainability, energy efficiency, etc.
During a media interaction, IREDA’s CMD, Pradip Kumar Das stated that the purpose of expanding the focus from fiscal to retail business is to offer new kinds of financing opportunities for both rural and urban people, boosting sustainability and decreasing carbon emissions. As of now, the agency is associated with growing and developing financial help for beginning new projects in regards to new and renewable sources of energy and energy efficiency/conservation.
Recently, reports also surfaced that Indian Renewable Energy Development Agency Ltd (IREDA) has indeed shown a strong performance in the stock market, delivering remarkable returns to its investors. The stock saw an impressive growth of 370 percent from its 52-week low of Rs 49.99, which was recorded on November 29, 2023, reaching around Rs 234 in early trading recently. This surge in price marks a multibagger return during this period, highlighting the company’s robust performance. In the shorter time frame of 2024, the stock has posted growth of 124.18 percent on the Bombay Stock Exchange (BSE), indicating strong momentum and investor confidence in the company.
