49 per cent stake in IREDA to be divested: Subramanian

Kolkata, May 8 (UNI) The Union Ministry of New and Renewable Energy will divest 49 percent equity in Indian Renewable Energy development Agency through private placement.

Speaking on the sidelines of a programme after the formal inauguration of the 3 MW power plant in Lodhama, Secreatry for Ministry of New and Renewable Energy V Subramanian today said,''We are talking to various multi-lateral funding agencies, including Asian Development Bank and Germany agency KWC. We will take a decision within the next six months.'' He said the paid up capital of IREDA would be raised to Rs 500 crore from Rs 400 crore. IREDA has an authorised capital of Rs 1000 crore currently.

IREDA Managing Director Debashish Majumdar said the agency has set a target of disbursing Rs 600 crore in 2007-08. About Rs 425 crore was disbursed in 2006-07.

''We have exported 25 billion units of electricity in 2006-07 and set a target of 35 billion units in2007-08,'' he said.

UNI