IREDA Shares in Focus as RBI grants partial exemption for equity investment in Hydropower Project
Shares of IREDA (Indian Renewable Energy Development Authority) are in focus as the Reserve Bank of India has granted an exemption to invest in GMR Upper Karnali Hydropower Limited and Karnali Transmission Company Pvt Ltd.
New Delhi: Shares of IREDA (Indian Renewable Energy Development Authority) are in focus as the Reserve Bank of India has granted an exemption to invest in GMR Upper Karnali Hydropower Limited and Karnali Transmission Company Pvt Ltd.
This is in reference to our earlier letter dated 08.03.2025, this is to inform you that the RBI vide letter dated 14.05.2025 has granted an exemption from paras 46.2 (i) and (iii) of the Master Direction - Reserve Bank of India (Non-Banking Financial Company - Scale Based Regulation) Directions, 2023 (Updated as on February 27, 2025) for the proposed equity investment of 5% each in M/s GMR Upper Karnali Hydropower Limited (GUKHL) and M/s Karnali Transmission Company Pvt Ltd. (KTCL) in Nepal, subject to compliance of conditions mentioned therein, the company stated in an exchange filing.
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On March 7, 2025, RBI has not acceded to the request of the Company for equity investment for development and implementation of 900 MW Upper Karnali Hydro Electric Power project in Nepal.
The PSU Company was seeking interest for the investment to fund the development and implementation of the hydroelectric projects in Nepal. Earlier, it had mentioned 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.
Read Also : Goa Shipyard backed Fifth FPV ‘Achal’ Launched for ICGOn 9 September 2024, Indian Renewable Energy Development Agency Ltd. (IREDA) signed a Memorandum of Understanding (MoU) with SJVN Ltd., GMR Energy Ltd., and their associated companies for the development and implementation of the 900 MW Upper Karnali Hydro-electric Project in Nepal. Further revised MoUs were also signed on 16 January 2025.
Shares of IREDA are trading down by 0.98% at Rs 166.15 at BSE.
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