REC Limited, a Maharatna Central Public Sector Enterprise under the Ministry of Power and a leading NBFC, has received a ‘No Objection Certificate’ from the Reserve Bank of India, dated May 3, 2024, allowing for the establishment of a wholly owned subsidiary within the International Financial Services Centre (IFSC) situated in Gujarat International Finance Tec-City (“GIFT”), Gandhinagar, Gujarat.
This decision to enter into GIFT, a burgeoning hub for financial services in India, is in line with REC’s strategy to broaden its portfolio and explore new avenues for growth. The proposed subsidiary will engage in various financial activities as a finance company within GIFT, encompassing lending, investment, and other financial services.
Speaking on this development, CMD of REC Limited, Shri Vivek Kumar Dewangan, stated: “The GIFT City platform offers an enabling environment for international lending activities, supported by world-class infrastructure. We are confident that REC will leverage these advantages to establish a distinctive presence in the global market. The entity at GIFT City not only brings new business opportunities for REC but also promises significant contributions to the growth of the country’s energy sector. We eagerly anticipate utilizing this strategic move to further advance REC’s mission of fostering growth in India’s power and infrastructure sector, while expanding our footprint on the global stage.”
