May 30, 2024
  • 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, for setting up a wholly owned subsidiary in International Financial Services Centre (IFSC), Gujarat International Finance Tec-City (“GIFT”), Gandhinagar, Gujarat.
  • The decision to expand operations into GIFT, a burgeoning hub for financial services in India, comes as REC continues to diversify its portfolio and explore new avenues for growth.
  • The proposed subsidiary will engage in a range of financial activities as a finance company within GIFT, including lending, investment, and other financial services.
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