IREDA gets DIPAM nod to set up subsidiary to handle retail, B2B biz in RE segment
Notable because
A year after receiving ‘infra-finance’ company status from the RBI, PSU financier IREDA has now received approval from the Department of Investment and Public Asset Management (DIPAM) to set up a subsidiary to undertake retail and B2B lending in the RE sector. This is among the many steps that IREDA has taken towards expanding its operations. Through this subsidiary, the company primarily aims to handle schemes such as PM-Suryaghar (Rooftop solar) and PM-KUSUM (DRE).
What to look out for in the months ahead
Will this news nudge other PSU lenders, especially infra financing lenders such as the PFC, to set up their own retail arms? How will IREDA’s retail operations positively impact the current state of financing of low carbon technologies? For instance, will it lead to acceleration of credit and lowering of borrowing costs for sectors like DRE?