Ahmedabad: Shri Pradip Kumar Das, CMD of IREDA, detailed a strategic vision for mobilizing offshore capital to fuel India’s green energy transition.
A cornerstone of this strategy is the leveraging of IREDA’s GIFT IFSC subsidiary, which serves as a specialized platform to tap into diversified foreign currency resources and reduce hedging costs, ultimately providing more competitive financing for large-scale projects.
The session was chaired by Shri Santosh Kumar Sarangi, Secretary, MNRE and attended by an eminent panel of experts – Shri D.J. Pandian, Retd. Director General, New Development Bank; Shri J.V.N. Subramanyam, Joint Secretary, MNRE.
CMD IREDA Shri Das advocated for a deeper alignment between regulatory frameworks and market demands, specifically regarding capital adequacy norms and sponsor support mechanisms, to solidify investor trust.
Furthermore, he proposed a significant expansion of the Harmonised Master List of Infrastructure Sub-Sectors to include high-priority emerging fields such as green hydrogen, ethanol, and renewable energy component manufacturing.
By reclassifying these sectors as infrastructure, the CMD highlighted that they could unlock the long-term, low-cost capital necessary for scaling India’s sustainable finance ecosystem through hubs like GIFT City.
At a roundtable organized by the International Financial Services Centres Authority (IFSCA) in collaboration with the Ministry of New and Renewable Energy (MNRE).
Shri Dipesh Shah (Executive Director, IFSCA); Shri Ashish Khanna (Director General, International Solar Alliance) and senior representatives of investors, financial institutions and other key stakeholders.