TFP Bureau, New Delhi; May 5, 2024: REC Limited, a leading NBFC and Maharatna Central Public Sector Enterprise under the Ministry of Power, has secured a crucial ‘No Objection Certificate’ from the Reserve Bank of India, paving the way for the establishment of a wholly owned subsidiary in the International Financial Services Centre (IFSC) at Gujarat International Finance Tec-City (GIFT) in Gandhinagar, Gujarat.
The decision to venture into GIFT City, renowned as a burgeoning center for financial services in India, reflects REC’s commitment to diversifying its portfolio and exploring new avenues for expansion. The proposed subsidiary is poised to engage in a spectrum of financial activities within GIFT, encompassing lending, investment, and various other financial services.
Expressing optimism about this development, Shri Vivek Kumar Dewangan, CMD of REC Limited, highlighted the strategic advantages of GIFT City’s platform for international lending activities and its world-class infrastructure. Dewangan emphasized REC’s confidence in leveraging these advantages to carve out a distinctive presence in the global market. He further noted that the entity in GIFT City would not only unlock new business prospects for REC but also significantly contribute to the growth of India’s energy sector. Dewangan affirmed REC’s commitment to utilizing this strategic move to advance its mission of fostering growth in India’s power and infrastructure sector while expanding its global footprint.
