REC get RBI nod to set up subsidiary in gift city in GUJRAT.
GIFT, will engage in various financial activities including loans, investments and other financial services as a finance company.
REC Limited, a Maharatna central public sector undertaking under the Ministry of Power, has received a ‘No Objection Certificate’ (May 3, 2024) from the Reserve Bank of India for setting up a wholly owned secondary at the International Centre for Financial Services (IFSC) at Gandhinagar, Gujarat.
While rec go on with to diversify its cash and find new path for advance, it has been decided to increase in size operations to gift a growing centre for financial services in India. The proposed auxiliary , GIFT, will engage in various financial activities including loans, investments and other financial services as a finance company.
Vivek Kumar Diwangan, CMD of REC Limited, said the GIFT City platform provides world-class infrastructure as well as a conducive environment for international lending activity. We are confident that REC will leverage these facilities to make a mark for itself in the global market. This body of GIFT City will not only present new business opportunities for REC but will also significantly contribute to the growth of the country’s energy sector. We want to purchase this strategic advantage to enlarge our footprint globally and supplement the REC’s mission to promote multiply in India’s energy and infrastructure sectors READ MORE
