IREDA Gets Navratna Status | 01 May 2024
Indian Renewable Energy Development Agency (IREDA) achieves a significant milestone as it attains 'Navratna' status from the Department of Public Enterprises.
- IREDA was set up in 1987 as a non-banking financial institution, it operates under the Ministry of New and Renewable Energy and promotes and develops projects related to renewable energy sources.
- Navratna Privileges: Firms with Navratna status can undertake investments up to Rs 1,000 crore without central authority approval, allocate 30% of net worth annually, and engage in joint ventures and overseas subsidiaries.
- Qualification Criteria: Companies must attain Miniratna Category-I designation and be listed in Schedule A of CPSEs to qualify for Navratna status.
Read more: Sectors of Indian Economy, India's Renewable Energy Vision: IREDA