REC gets RBI nod to set up subsidiary in GIFT City, Gujarat

May 6, 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.