Tag: corporate governance

Business

MSMEs Backbone of Economy, Key to Viksit Bharat: CMD IREDA at 22nd Stakeholders’ Meet

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Written by Intern Rency Gomes || Team Allycaral 

New Delhi, February 23, 2026: Indian Renewable Energy Development Agency Ltd. (IREDA) organised its 22nd Stakeholders’ Interaction Meet at the India International Centre, New Delhi, under the chairmanship of  Pradip Kumar Das, Chairman & Managing Director. The event saw participation from nearly 100 borrowers and business partners representing various segments of the renewable energy value chain.


The meeting commenced with a detailed presentation outlining IREDA’s recent achievements, financial performance, major initiatives and an Action Taken Report addressing issues raised during the previous interaction. Stakeholders engaged with the management on sector-specific concerns, policy developments and financing norms.

Addressing the gathering, Das stressed the importance of maintaining strong asset quality and adhering to the highest standards of corporate governance to ensure IREDA’s long-term sustainability. On queries regarding interest rates, he explained that the organisation focuses on mobilising funds from the lowest possible cost sources and passing on the benefits to renewable energy developers. He noted that this approach aligns with RBI and other regulatory guidelines while supporting accelerated growth in the renewable energy sector in line with the Government of India’s vision.

Highlighting the importance of Micro, Small and Medium Enterprises (MSMEs), Das described them as the backbone of the economy and essential contributors to the Viksit Bharat vision by 2047. He added that MSMEs must uphold strong and qualitative corporate governance standards to enable lenders to extend financing at competitive rates.

The CMD further informed stakeholders that IREDA has strengthened its manpower across entry-level, middle and senior management positions by recruiting professionals from CPSEs, banks and private organisations, along with Executive Trainees from leading campuses, to enhance leadership capacity and operational efficiency.

The interaction concluded with a vote of thanks delivered by Dr. Bijay Kumar Mohanty, Director (Finance), IREDA.

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Vedanta’s Credit Ratings Reaffirmed by CRISIL and ICRA; Markets Rebound After Short-Seller Allegations

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India’s top credit rating agencies, CRISIL Ratings and ICRA, have reaffirmed the credit ratings of Vedanta Limited and its group companies, signaling sustained confidence in the group’s financial health, operational strength, and governance integrity.

CRISIL reaffirmed:

  • AAA for Hindustan Zinc Ltd
  • AA for Vedanta Ltd

ICRA similarly reaffirmed Vedanta’s AA rating, highlighting its improved leverage profile and operational efficiency.

These ratings come amid allegations made by short-seller Viceroy Research that targeted Vedanta Resources Ltd (VRL), the parent of Vedanta Ltd, accusing it of structural subordination and excessive reliance on dividends.

CRISIL, in its official statement, noted:

“The Vedanta management in response, via its press release dated July 9, 2025, has dismissed all the charges. Crisil notes that the stock prices for Vedanta Limited and Hindustan Zinc Limited have recovered since the report’s publication.”

CRISIL Ratings has outstanding ratings for 11 Vedanta group entities including ESL Steel Ltd, Talwandi Sabo Power Ltd, and Sesa Resources Ltd—all of which have been reaffirmed.

The agency also emphasized:

“Crisil keeps all its outstanding ratings under continuous surveillance. The ratings continue to be supported by the strength of the business risk profiles of their Indian operations and healthy financial performance.”

ICRA highlighted the Group’s commitment to debt reduction, with leverage improving to 2.5x in FY2025, compared to 3.2x in FY2024. It expects profitability in core verticals like aluminium and zinc to further improve financial metrics.

The agencies’ top-tier ratings refute Viceroy’s claims, instead showcasing Vedanta’s resilience, credibility, and capacity to meet all financial obligations. The recent refinancing of VRL’s debt has further smoothed maturity profiles and is expected to reduce finance costs starting FY2026.

What Do These Ratings Mean?

  • AAA (for Hindustan Zinc): Highest safety, lowest credit risk
  • AA (for Vedanta): High safety, very low credit risk

These ratings are a clear marker of Vedanta’s stability, particularly at a time when market speculation sought to cast doubt. The reaffirmation is not just symbolic—it is a robust endorsement from industry watchdogs that know the numbers best.