REC gets approval from RBI to set up subsidiary at GIFT City in Gujarat
Vivek Kumar Dewangan, CMD, REC Ltd said in the statement: The GIFT City platform provides an enabling environment for international lending activities coupled with world-class infrastructure.
State-owned REC Ltd on Sunday said it has received RBI’s approval to set up a subsidiary in GIFT City, Gujarat.
As a financing company within GIFT, the proposed subsidiary will undertake a range of financial activities, including lending, investments and other financial services, a company statement said.
According to the statement, REC Ltd, under the Ministry of Power and a leading NBFC, has received a No Objection Certificate (NOC) from the Reserve Bank of India (RBI) for setting up a subsidiary in Gujarat International Finance Tech-City ( GIFT ) in Gandhinagar, Gujarat.
The decision to expand operations into GIFT, a fast-growing financial services hub in India, comes as REC continues to diversify its portfolio and explore new avenues for growth, the company said.
Vivek Kumar Dewangan, CMD, REC Ltd said in the statement: The GIFT City platform provides an enabling environment for international lending activities coupled with world-class infrastructure. We are confident that REC will leverage these advantages to carve a niche for itself in the global market.
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First print: May 5, 2024 | 8:06 PM IST