Gurugram :REC Limited, a Maharatna CPSE under the Ministry of Power and a leading NBFC, has got a ‘No Objection Certificate’ (NOC) from the Reserve Bank of India (RBI) to establish a subsidiary at Gujarat International Finance Tech-City (GIFT) in Gandhinagar, Gujarat.
The move to extend operations into GIFT, India’s booming financial services hub, comes as REC seeks to diversify its portfolio and pursue new development opportunities. The planned subsidiary will operate as a finance firm under GIFT, providing lending, investment, and other financial services.
Speaking on the progress, Shri Vivek Kumar Dewangan, CMD of REC Ltd, commented, “REC Ltd plans to utilize the GIFT City platform for international financing activities and world-class facilities to establish a global presence. The entity will provide new commercial opportunities and significantly contribute to India’s energy sector growth, enhancing its global presence.
