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

Grant of status allows IREDA to make capital expenditure on new projects, modernization, purchase of equipment, etc. without Government approval up to 500 crores rupees, or equal to their net worth, whichever is lower.

Created On: Jun 5, 2015 15:01 IST

Indian Renewable Energy Development Agency Limited (IREDA) was on 2 June 2015 awarded the Miniratna (Cateogry -1) status by the Department of Public Enterprises under the Union Ministry of Heavy Industry and Public Enterprises.

The proposal for conferring Miniratna status for IREDA was recommended by the Union Ministry of New and Renewable Energy (MNRE).

Grant of status allows IREDA to make capital expenditure on new projects, modernization, purchase of equipment, etc. without Government approval up to 500 crores rupees, or equal to their net worth, whichever is lower.

For IREDA, now the ceiling on equity investment to establish joint ventures and subsidiaries in India will be 15% of its net worth in one project limited to 500 crore rupees. The overall ceiling on such investment in all projects put together shall be 30% of the net worth IREDA.

The Scheme of Maharatna/Navratna/Miniratna

The scheme of awarding Navratna, Miniratna (Category-1 and 2) status to public sector undertakings (PSUs) was started by the Union Government vide a notification dated 22 July 1997 so as to grant greater autonomy to PSUs to become global giants.

Later on 4 February 2010, the scheme of Maharatna for PSUs was started.

At present, there are 55 Public Limited Companies in Mini Ratna (Cateogry -1) and 17 are in Mini Ratna (Cateogry-2). Besides, there are 7 Maharatna Companies and 17 Navratnas companies.

Eligibility for Miniratna Category-I PSEs

They should have made profit in the last three years continuously, the pre-tax profit should have been 30 crores rupees or more in at least one of the three years and should have a positive net worth.

About IREDA

IREDA was established as Public Limited Government Company in 1987 to promote, develop and extend financial assistance for renewable energy and energy efficiency /conservation projects with the Motto Energy for Ever.

It was created as Non-Banking Financial Institution (NBFI) in Schedule C of the Reserve Bank of India (RBI) and was upgraded as Schedule B in 2010.

The Chairman and Managing Director (CMD) of IREDA is KS Popli.

Now get latest Current Affairs on mobile, Download # 1  Current Affairs App

Take Weekly Tests on app for exam prep and compete with others. Download Current Affairs and GK app

एग्जाम की तैयारी के लिए ऐप पर वीकली टेस्ट लें और दूसरों के साथ प्रतिस्पर्धा करें। डाउनलोड करें करेंट अफेयर्स ऐप

AndroidIOS

Related Stories

Comment (0)

Post Comment

0 + 4 =
Post
Disclaimer: Comments will be moderated by Jagranjosh editorial team. Comments that are abusive, personal, incendiary or irrelevant will not be published. Please use a genuine email ID and provide your name, to avoid rejection.

    Monthly Current Affairs PDF

    • Current Affairs PDF November 2021
    • Current Affairs PDF October 2021
    • Current Affairs PDF September 2021
    • Current Affairs PDF August 2021
    • Current Affairs PDF July 2021
    • Current Affairs PDF June 2021
    View all

    Monthly Current Affairs Quiz PDF

    • Current Affairs Quiz PDF November 2021
    • Current Affairs Quiz PDF October 2021
    • Current Affairs Quiz PDF September 2021
    • Current Affairs Quiz PDF August 2021
    • Current Affairs Quiz PDF July 2021
    • Current Affairs Quiz PDF June 2021
    View all