DELHI: REC Limited, a Maharatna Central Public Sector Enterprise under the Ministry of Power and a leading NBFC, has recently obtained a ‘No Objection Certificate’ from the Reserve Bank of India (RBI) to set up a wholly-owned subsidiary in the International Financial Services Centre (IFSC) at Gujarat International Finance Tec-City (GIFT) in Gandhinagar, Gujarat.
REC’s choice to extend its operations into GIFT, an emerging center for financial services in India, reflects the company’s ongoing efforts to broaden its portfolio and seek out fresh opportunities for expansion.
The proposed subsidiary will engage in a range of financial activities within GIFT, such as lending, investing, and extending other financial services.
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
Vivek Kumar Dewangan, CMD of REC Limited
On development, CMD of REC Limited, 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.”
He further said that the entity at GIFT City will not just offer fresh business prospects for REC but will also make a substantial contribution to the development of the nation’s energy industry.
“We look forward to leveraging this strategic move to further propel REC’s mission of fostering growth in India’s power and infrastructure sectors while expanding our footprint on the global stage,” he added.
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