Sunday, May 22 2022 | Time 09:40 Hrs(IST)
Business Economy

Cabinet nod to infusion of Rs 1,500 cr in IREDA to boost employment

New Delhi, Jan 19 (UNI) The Government on Wednesday approved the equity infusion of Rs 1500 crore in Indian Renewable Energy Development Agency Limited (IREDA), which will help in employment generation of around 10200 jobs in a year and CO2 equivalent emission reduction of around 7.49 million tonnes CO2/year.
The Mini Ratna company under the administrative control of the Ministry of New and Renewable Energy works as a specialised non-banking finance agency for the renewable energy (RE) sector and plays a catalytic role in RE project financing, which gives confidence to financial institutions and banks to lend in the sector.
The equity infusion was cleared by the Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi.
It will enable the IREDA to lend around Rs 12000 crore to the RE sector, facilitating the debt requirement of RE of additional capacity of around 3500-4000 MW.
The other benefits would be enhancement of IREDA’s net worth, which will help it in additional RE financing, thus contributing better to the Government’s targets for RE. There will also be improvement of the capital-to-risk weighted assets ratio (CRAR) to facilitate its lending and borrowing operations.
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CII, PHDCCI welcome Centre's move to slash excise duty on fuel

21 May 2022 | 11:44 PM

New Delhi, May 21 (UNI) Trade bodies welcomed the Centre's move to cut excise duty on petrol and diesel.

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Govt cuts duty on raw materials of steel, PVC

21 May 2022 | 11:14 PM

New Delhi, May 21 (UNI) In a bid to reduce cost of domestic production of steel products, the government on Saturday reduced import duty on coking coal and ferronickel from 2.5 per cent to nil. The duty on coke and semi-coke has been cut from 5 per cent to nil.

In order to increase the domestic availability of iron ore and a few steel intermediates, the government has imposed or increased export duty.

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Ola, Uber drivers demand fare hike

21 May 2022 | 10:58 PM

Hyderabad, May 21 (UNI) The Telangana Gig and Platforms Workers Union (TGPWU) on Saturday demanded that the fare should be hiked based on the fuel prices of each city.

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Telangana govt invites Arrival UK to invest in Telangana

21 May 2022 | 10:51 PM

Hyderabad, May 21 (UNI) Telangana Industries and Commerce Minister K T Rama Rao (known as KTR), who is on UK tour, on Saturday said he wished to see Arrival’s Bus fleet service being launched in Hyderabad in line with Telangana’s vision to become the most electrified state in India in terms of mobility.

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Thane District Coop Bank not to be split into two for Palghar: Maha DyCM

21 May 2022 | 9:05 PM

Palghar, May 21 (UNI) Maharashtra Deputy Chief Minister and Finance Minister Ajit Pawar on Saturday categorically stated that the Thane District Co-operative Bank, which manages the affairs of the two districts of Thane and Palghar, will not be split into two to set up the Palghar District Co-operative Bank.

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