Formed in 1987, IREDA is a Navratna organisation owned by the Government of India and administratively controlled by the Ministry of New and Renewable Energy (MNRE).

[7] It is a Mini Ratna (Category – I) Government of India Enterprise and under the administrative control of Ministry of New and Renewable Energy (MNRE).

[8] On April 26, 2024 IREDA was officially granted Navratna status by the Department of Public Enterprises (DPE) .

Business Standard reports; "Obtaining Navratna status in India bestows significant advantages on a Public Sector Undertaking (PSU).

These include greater financial and operational autonomy, allowing for swifter decision-making and improved responsiveness to market shifts.