REC Limited has been given the green light by the Reserve Bank of India to establish a wholly owned subsidiary in the Gujarat International Finance Tec-City (GIFT City), Gandhinagar, Gujarat. The ‘No Objection Certificate’ from the RBI, dated May 3, 2024, marks a significant step for REC Limited as it expands its operations into one of India’s burgeoning financial hubs.
The decision to set up a subsidiary in GIFT City emphasises REC’s commitment to diversifying its portfolio and exploring new avenues for growth. The proposed subsidiary will engage in various financial activities, including lending, investment, and other financial services, as a finance company within GIFT City.
Vivek Kumar Dewangan, CMD of REC Limited, expressed his enthusiasm about this development, stating, “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.”
GIFT City, located in Gandhinagar, Gujarat, has emerged as a prominent centre for financial services in India. Its state-of-the-art infrastructure and regulatory framework have attracted several domestic and international financial institutions, making it an ideal destination for REC Limited to establish its presence.
