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Statement C is incorrect because the subsidiary serves as an offshore platform for global funding, not just domestic. • The Indian Renewable Energy Development Agency Ltd. (IREDA) has launched a new subsidiary, "IREDA Global Green Energy Finance IFSC Limited", in the International Financial Services Centre (IFSC) at GIFT City, Gujarat. • The subsidiary was incorporated on 7th May 2024, following approval from the Reserve Bank of India on 8th February 2024. • This move marks a significant step in utilizing innovative green financing techniques and expanding IREDA’s global reach. • The subsidiary serves as an offshore platform for obtaining competitive funding, crucial for supporting the growth of the renewable energy sector and achieving India's 'Panchamrit' targets for energy sustainability. • The establishment of IREDA in IFSC is expected to open new business opportunities and set a global footprint in the renewable energy market. • This strategic initiative is aimed at enhancing access to innovative financing options and fostering partnerships with international investors to promote renewable energy projects both in India and internationally. Learn Along: About IREDA • IREDA is a Public Limited Government Company established as a Non-Banking Financial Institution in 1987. • IREDA has been notified as a “Public Financial Institution” under section 4 ‘A’ of the Companies Act, 1956 and registered as Non-Banking Financial Company (NBFC) with Reserve Bank of India (RBI). • Chairman and Managing Director: Pradip Kumar Das Headquarters: New Delhi, India
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