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IREDA plans an Alternate Investment Fund to tap large institutional investors

Newdelhi:10/8/22:Indian Renewable Energy Development Agency Ltd. (IREDA) under the Ministry of New & Renewable Energy commemorated the 35th Annual General Meeting (AGM) of IREDA’s shareholders today at India Habitat Centre, New Delhi. The annual accounts for the financial year 2021-22 were adopted at the AGM.

Addressing the Shareholders, Shri Pradip Kumar Das, Chairman & Managing Director (CMD), IREDA, highlighted that, “despite 2nd and 3rd waves of COVID-19, IREDA has reported a historic all-time high annual Profit Before Tax (PBT) of Rs. 833.84 crore and a Profit After Tax (PAT) of Rs. 633.53 crore in FY 2021-22, thereby registering a massive growth of 46.41% and 82.88%, respectively, over FY 2020-21.”

The Loan Book of IREDA has grown from Rs. 27,853.92 crore as at the end of FY 2020–21 to Rs. 33,930.61 crore as at the end of FY 2021–22 (registering a growth of 21.82%). The company has achieved the highest-ever loan sanction of Rs. 23,921.06 crore, with a growth of 117.44% over the previous year’s sanction of Rs. 11,001.30 crore and the highest-ever loan disbursement of Rs. 16,070.82 crore, registering a record increase of 82.04% over the previous year. Also, the Net NPAs have been reduced to 3.12% ending FY 2021-22 as against 5.61% at the end of FY 2020-21 and Gross NPAs have been reduced to 5.21% ending FY 2021-22 as against 8.77% at the end of FY 2020-21.

Highlighting the future strategies, CMD, IREDA said, “IREDA is in the process of setting up a debt fund in the form of an Alternate Investment Fund (AIF) to tap large Institutional Investors viz, Pension funds, Insurance Funds, Environmental, Social and Governance Funds, etc. AIF will also help IREDA in financing new projects for borrowers who are nearing the exposure limit. Further, the company is also planning to do Asset-Based Securitization (ABS) by issuance of Pass-Through Certificates.”

About Editor in chief

Ashok Palit has completed his graduation from Upendranath College Soro, Balasore and post graduation from Utkal University in Odia Language and literture.. He has also carved out a niche for himself as a scribe of eminence after joining the profession in 1988. He is also an independent media production professional. He brings loads of experience to Advanced Media, Ashok Palit as a cineaste has been active in film criticism for over three decades. As a film society activist, he soared to eminence for his profound commitment to the art film appreciation and aesthetics of cinema. His mode of discourse is often erudite but always lucid and comprehensible marked by a perfect acumen so rare in the field. A film aesthete with an immense fond of critical sensibilities, he wrote about growth and development of odia cinema in New Indian Express, The Times of India, The Hindustan Times, The Asian Age and Screen. He has been working as an Editor for Cine Samaya from 2002-2004.. He had made solid contribution on cinema in many odia Dailies and weekly such as Samaj, Prajatantra, Dharatri, Samaya, Satabadi, and weekly Samaya.

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