State-owned Indian Renewable Energy Development Agency (IREDA) said it was granted the 'Navratna' status by the Union government on April 26.
In an exchnage filing, IREDA said that the Department of Public Enterprises (DPE) has granted the ‘Navratna status’.
IREDA, under the Ministry of New and Renewable Energy, is a non-banking financial institution engaged in promoting, developing and extending financial assistance for setting up projects related to new and renewable sources of energy and energy efficiency/conservation.
The company on April 19 reported 33 percent jump in consolidated net profit at Rs 337 crore for the quarter ended March 31, 2024, compared to Rs 254 crore in the year-ago period.
The company's Board approved setting up of a subsidiary company to cater to retail business in RE and emerging sectors such as PM KUSUM, rooftop solar and other B2C segments.
On April 26, IREDA's shares closed trading 2.03 percent higher at Rs 170.65.
IREDA recently said it has achieved its highest-ever annual loan sanctions and disbursements in the just-concluded financial year 2023-24.
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