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IREDA awarded Miniratna ( Category-1) status by the Department of Public Enterprises

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Recently, IREDA or Indian Renewable Energy Development Agency Limited, was presented with the Miniratna( category-1) status by the department of public enterprises under the Union Ministry of Heavy industries and Public Enterprises.

• Union Ministry of New and Renewable Energy MNRE recommended the proposal of conferring miniratna status for IREDA.
• For IREDA, the ceiling on equity investment for the establishment ofof JV and subsidaries in India will be 15% of its networth in one project limited to 500crore rupees.

Effects of the status granted-
• IREDA can make capital expenditure on new products.
• Modernisation , purchase of equipment without the approval of the government up to 500 crore rupees or equal which ever is lower.

Scheme of Maharatna or Miniratna– Scheme of awarding Navaratna and Miniratna’s to public sector undertakings, was started by Union government of India with a notification dated 22nd July 1997 to grant greater autonomy to PSU for them to become global giants.

The scheme of maharatnas for PSU was started in 4th February 2010. There are 55 companies in Mini Ratna category-1 and 17 companies in Mini Ratna category-2. there are 7 Maharatna Companies and 17 Navratna companies.

About IREDA
• IREDA was established as public limited company in 1987.
• Objective is to promote, develop and extend financial assistance for renewable energy.
• Non banking financial institution in Schedule C of RBI and in 2010 was upgraded as Schedule B .
• Present CMD is KS Popli

Ministry for new and renewable energy or MNRE
• It is a ministry of Indian government..
• Established in 1992.
• Headquarters is in New Delhi, India.
• Some examples of renewable energy includes solar energy, wind and hydro electricity.
• Headed by Mr Piyush Goel