In Short : IREDA aims to achieve Maharatna PSU status by FY 2030. The plan includes expanding its renewable energy portfolio, increasing funding for green projects, enhancing financial performance, and meeting the stringent criteria for Maharatna designation, demonstrating its commitment to driving sustainable energy growth in India.
In Detail : IREDA has set out some targets that it intends to achieve by financial year 2030.
Indian Renewable Energy Development Agency (IREDA) Ltd. intends to become a “Maharatna” PSU by financial year 2030, subject to government guidelines and applicable approvals, it said in an exchange filing.
The company was given the “Navratna” status by the government last month.
In order to do so, the company has set out some targets that it intends to achieve by financial year 2030.
IREDA intends to increase its annual disbursements by over 5x to ₹1.36 lakh crore by financial year 2030. At the end of financial year 2024, IREDA’s disbursements stood at ₹25,089 crore, which is a growth of 15% compared to financial year 2023.
By the end of financial year 2030, IREDA intends to have a loan book of nearly ₹3.5 lakh crore. That is a 6x growth from its financial year 2024 loan book of ₹59,650 crore.
To be classified as a Maharatna, the company should have a “Navratna” status, should be compliant with minimum shareholding norms, and have an average annual turnover of over ₹25,000 crore in the last three years.
As a Maharatna PSU, IREDA will have enhanced autonomy and authority compared to other categories of PSUs. A Maharatna PSU can invest 15% of its net worth in a project without prior permission from the Government.
Additionally, around 147.8 crore shares of IREDA will become eligible for trading when its five and six-month lock-in period ends on May 30. The number of shares amounts to 55% of IREDA’s outstanding equity.
Shares of IREDA had ended 1.7% lower on Friday. The stock is 15% away from its all-time high of ₹214, which the stock had hit within a few days of its listing. The stock is still up over 5x from its IPO price of ₹32 per share.
