Indian Overseas Bank (IOB) and Indian Renewable Energy Development Agency (IREDA) have signed a Memorandum of Understanding (MoU), setting the stage for collaborative efforts in co-lending and loan syndication for a diverse spectrum of Renewable Energy projects across the nation.
Encompassing a range of services, the MoU includes provisions for co-lending and co-origination support for all Renewable Energy projects. The partnership aims to streamline loan syndication and underwriting processes, management of Trust and Retention Account (TRA) for IREDA borrowers, and work towards fixed interest rates over a 3-4 year period for IREDA borrowings.
Indian Overseas Bank is a pioneer in many fields - Banking, Insurance and Industry with the twin objectives of specialising in foreign exchange business and overseas banking.
