IREDA to establish office in Gujarat’s GIFT city to finance renewable energy projects in foreign currency

Indian Renewable Energy Development Agency Limited (IREDA) is planning to establish an office in Gujarat’s GIFT City to finance renewable energy projects in foreign currency. The office at GIFT City, Gandhinagar, will be classified as an overseas office, allowing IREDA to avoid foreign exchange hedging cost. Notably, as a result of IREDA’s proactive approach of proper review and monitoring, the company has been able to lower its net non-performing asset from 7.18 per cent to 2.03 per cent during the past three years.