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Ireda eyes overseas lending, borrowing from green funds via GIFT City arm

Livemint

Livemint · 11m ago

Ireda eyes overseas lending, borrowing from green funds via GIFT City arm

The Indian Renewable Energy Development Agency (Ireda) is exploring the possibility of financing projects abroad through its subsidiary, Ireda Global Green Energy Finance IFSC Ltd. The subsidiary, based in Gujarat's GIFT City, aims to finance solar component manufacturing and green hydrogen businesses in India, as well as cater to export demand. Ireda is planning to borrow and lend from its GIFT City office, eliminating the need for foreign currency conversion. It also intends to approach green funds for financing projects and make its debut in the international market. The company is awaiting approval for its proposed follow-on public offering to raise around INR 4,500-5,000 crore.

Related News

NBFCs turn top overseas borrowers in April with over $1.5 billion loans

Economic Times

Economic Times · 2m ago

NBFCs turn top overseas borrowers in April with over $1.5 billion loans

In April, non-banking finance companies (NBFCs) in India dominated overseas loan fundraising, raising over $1.53 billion out of a total $2.92 billion via external commercial borrowing. This trend follows the previous fiscal year. Notably, Shriram Finance led the borrowing with $955 million. NBFCs find overseas borrowing as a cost-effective alternative, especially as domestic bank lending to them slows. External borrowing allows them to diversify their funding and lower costs.

VCs flocking to GIFT City to tap global investment opportunities - The Economic Times

Economic Times

Economic Times · 25d ago

VCs flocking to GIFT City to tap global investment opportunities - The Economic Times

Venture capital firms are increasingly setting up in Gujarat International Finance Tec-city (GIFT City) to streamline overseas investments, offering an alternative to offshore hubs like Mauritius. Prominent firms like Blume Ventures and 3one4 Capital have established offices there. While GIFT City presents a beneficial structure for foreign currency funds and tax exemptions, challenges include complex fund setup processes and unclear tax regulations. Despite these, investors find GIFT City a promising hub for India-US corridor investments.

NTPC signs $750 billion foreign currency loan

Economic Times

Economic Times · 2m ago

NTPC signs $750 billion foreign currency loan

NTPC Ltd. has secured a $750 million foreign currency loan from Bank of Baroda and HDFC Bank's IFSC Banking Units in GIFT City, Gandhinagar. This syndicated External Commercial Borrowing (ECB) facility includes a base amount of $500 million and a $250 million greenshoe option. The funds will support NTPC's capital expenditure for capacity expansion, renewable energy, FGD projects, and refinance existing ECBs. This marks HDFC Bank's first foreign loan to the company and Bank of Baroda's largest foreign currency lending.

Lendingkart Pockets $10 Mn For Onward Lending To Small Businesses

Inc42 · 1y ago

Lendingkart Pockets $10 Mn For Onward Lending To Small Businesses

Fintech startup Lendingkart has raised $10 million in external commercial borrowing from Swiss impact investor BlueOrchard. The funds will be used for lending activities to micro, small, and medium enterprises (MSMEs). Lendingkart plans to utilize non-convertible debentures listed on India International Exchange in GIFT City. The company claims to have disbursed over $1.8 billion in loans to MSMEs since its inception. BlueOrchard has been actively investing in Indian lending startups, including Kinara Capital, Varthana, and AVIOM Housing Finance. Lendingkart turned profitable in the financial year 2022-23, with a net profit of INR 118.8 crore.

Azim Premji's wealth fund gets nod to set up shop in GIFT City

VCCircle

VCCircle · 1y ago

Azim Premji's wealth fund gets nod to set up shop in GIFT City

Billionaire Azim Premji's wealth fund has received approval to establish a family investment fund in India's Gujarat International Finance Tec-City (GIFT City). This move allows the fund to invest overseas without regulatory approval. GIFT City, a financial hub in Prime Minister Narendra Modi's home state, has been implementing initiatives to attract foreign brokers and companies. Premji's family office declined to comment. The fund has $10 billion in assets, with the proposed GIFT entity planning an initial investment of $200 million. Approximately 80 funds with $24 billion in commitments have been set up in GIFT City.

ADIA starts operations in India's GIFT City finance hub

VCCircle

VCCircle · 10m ago

ADIA starts operations in India's GIFT City finance hub

- ADIA, the largest sovereign wealth fund in the UAE, has started operations in India's tax-neutral finance hub, GIFT City. - GIFT City is a financial services hub that offers a 10-year tax holiday and no taxes on funds transfer from overseas jurisdictions. - The UAE is the largest Arab investor in India, with investments amounting to around $3 billion in the last fiscal year. - ADIA had announced its intention to establish a presence in GIFT City in July 2023. - The sovereign fund is setting up a $4-5 billion fund to invest in India through the finance hub.

ADIA plans to invest $4-5 bn in India via GIFT City fund

VCCircle

VCCircle · 1y ago

ADIA plans to invest $4-5 bn in India via GIFT City fund

Abu Dhabi Investment Authority (ADIA), the largest sovereign wealth fund in UAE, is establishing a $4-5 billion fund to invest in India through a tax-neutral finance hub in Gujarat. ADIA has received in-principal approval from the regulatory authority of Gujarat International Finance Tec-City (GIFT City). This move allows ADIA to become the first sovereign wealth fund to invest in India via GIFT City and strengthens ties between the UAE and India. The funds will be invested over time, and GIFT City offers various benefits, including a 10-year tax holiday and proximity to Indian markets.

What investment opportunities does Gift city offer to NRIs?

Money Control

Money Control · 11m ago

What investment opportunities does Gift city offer to NRIs?

The GIFT International Financial Services Centre (GIFT IFSC) in India is gaining traction as a wealth management destination for high-net-worth individuals. It offers opportunities for fund managers to raise money from international investors, while also allowing Indian funds to launch products with investments in overseas jurisdictions. Banks are permitted to open accounts for managing international investments, and several leading banks have already established branches in GIFT city. Investment opportunities are available through the alternative investment fund (AIF) route, with a minimum investment size of $150,000. The GIFT IFSC aims to create a world-class finance and IT zone for India's financial services industry.

Northern Arc Gets $65 Mn Debt Commitment For Maiden Climate Fund

Inc42 · 9m ago

Northern Arc Gets $65 Mn Debt Commitment For Maiden Climate Fund

Northern Arc, a financial institution based in GIFT City, has secured $65 million in debt commitments. The funds come from the US DFC, contributing $50 million, and Austria's OeEB, contributing $15 million. The climate fund will primarily focus on providing debt financing for solar energy, green buildings, and sustainable agriculture companies. This announcement follows Northern Arc's recent launch of a ₹1,500 crore (approximately $202 million) AIF with a ₹500 crore green shoe option.

NTPC to raise $750 million from BoB, HDFC

Economic Times

Economic Times · 2m ago

NTPC to raise $750 million from BoB, HDFC

NTPC, India's largest power producer, has signed a $750 million external commercial borrowing term loan agreement, comprising a $500 million base issue from Bank of Baroda and a $250 million greenshoe option from HDFC Bank. The loan, executed through IFSC banking units in GIFT City, is intended for NTPC's capital expenditure financing.

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