Indian Renewable Energy Development Agency’s (IREDA) dropped 1.20% to Rs 147.90 after the Reserve Bank of India (RBI) rejected the company’s request for equity investment in the 900 MW Upper Karnali Hydropower Project in Nepal.
This decision was communicated to IREDA via a letter dated 7 March 2025.
IREDA had sought the investment to fund the development and implementation of the hydroelectric project in Nepal. The company had previously detailed its funding proposals in letters issued on July 16, 2024, and January 16, 2025.
Despite the setback, IREDA has announced its intention to reapply for the investment approval.
IREDA is a wholly-owned Government of India (GoI) enterprise under the administrative control of the Ministry of New and Renewable Energy (the MNRE). It is also conferred with the Mini Ratna (Category-I) status. As on December 2024, GoI held 75% stake in IREDA.
IREDA’s standalone net profit jumped 27% to Rs 425 crore on 36% increase in revenue from operations to Rs 1,698 crore in Q3 FY25 over Q3 FY24.
Source: BS
