Nod to equity infusion of Rs 1,500 cr in IREDA

New Delhi, January 19

The government today approved Rs 1,500 crore for equity infusion in the public sector renewal energy lending company IREDA to enhance its capacity to offer financial support to the industry.

Sharing the details of the decision taken at a meeting of the Union Cabinet, chaired by Prime Minister Narendra Modi, Information & Broadcasting (I&B) Minister Anurag Thakur said, the fresh equity infusion in the Indian Renewable Energy Development Agency (IREDA) Ltd., a PSU under the Ministry of New and Renewable Energy, would enable it to lend loans up to Rs 12,000 crores to the sector.

Thakur further said, “The IREDA plays a big role in the field of renewable energy. This agency was established to finance renewable energy. Its portfolio has increased from Rs 8,800 crore to Rs 28,000 crore in the past six years.” The minister said, “But according to RBI, the loan can only be lent on 20% of the net worth. The net worth of IREDA is Rs 3,000 crore. It can lend loans up to Rs 600 crore only.”

He went on to add that the decision would enable IREDA to lend loans up to Rs 12,000 crore in the renewable sector.

Rs 974 cr to SBI for ex gratia to borrowers

• The Cabinet on Wednesday approved Rs973.74 crore for SBI as reimbursement related to moratorium on interest payment on different kinds of loans availed by people. The scheme was implemented in 2020 amid Covid
• The Budget had made provision of Rs5,500 crore for the scheme of ex gratia payment of “difference between compound interest and simple interest” for six months to borrowers in specified loan accounts