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REC Limited Receives RBI Approval for Wholly Owned Subsidiary in Gujarat’s GIFT City

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REC Limited has obtained a ‘No Objection Certificate’ from the Reserve Bank of India, dated May 3, 2024. This certificate allows REC to establish a wholly owned subsidiary in the Gujarat International Finance Tec-City (GIFT), located in Gandhinagar, Gujarat. GIFT is recognized as a thriving center for financial services within India.

This strategic decision to venture into GIFT aligns with REC’s ongoing efforts to broaden its scope and seek fresh avenues for expansion. The proposed subsidiary within GIFT will be involved in various financial activities typical of a finance company, such as lending, investments, and other related services.

Read more: RBI Releases New Operational Risk Management and Resilience Guidelines

Speaking on the development, CMD, REC Limited, Shri Vivek Kumar Dewangan said: “The GIFT City platform offers a conducive environment for international lending activities, coupled with world-class infrastructure. We are confident that REC will harness these advantages to carve a niche for itself in the global market. The entity at GIFT City will not only present new business opportunities for REC but will also contribute significantly to the growth of the country’s energy sector. We look forward to leveraging this strategic move to further propel REC’s mission of fostering growth in India’s power and infra sector while expanding our footprint on the global stage.”