IREDA awarded Miniratna Category-1 status by Department of Public Enterprises [ Current News (Concise) - Awards ]
Indian Renewable Energy Development Agency Limited (IREDA) was awarded the Miniratna (Category -1) status by the Department of Public Enterprises under the Union Ministry of Heavy Industry and Public Enterprises. Behalf of this proposal allow based on capital expenditure on new projects, modernization, purchase of equipment, etc. without Government approval up to 500 crores rupees, or equal to their net worth, whichever is lower.
- The Chairman and Managing Director (CMD) of IREDA is KS Popli. For IREDA, now the ceiling on equity investment to establish joint ventures and subsidiaries in India will be 15% of its net worth in one project limited to 500 crore rupees.
- The scheme of awarding Navratna, Miniratna (Category-1 and 2) status to public sector undertakings (PSUs) was started by the Union Government vide a notification dated 22 July 1997 so as to grant greater autonomy to PSUs to become global giants.
- At present, there are 55 Public Limited Companies in Mini Ratna (Cateogry -1) and 17 are in Mini Ratna (Cateogry-2). Besides, there are 7 Maharatna Companies and 17 Navratnas companies.
- IREDA was established as Public Limited Government Company in 1987 to promote, develop and extend financial assistance for renewable energy and energy efficiency /conservation projects with the Motto Energy for Ever.
- Published on: June 8, 2015