The Aryavarth Express
Agency (Gujarat): REC Limited, a Maharatna Public Sector Enterprise under India’s Ministry of Power, has obtained a “No Objection Certificate” from the Reserve Bank of India (RBI), dated May 3, 2024, to set up a wholly-owned subsidiary in the International Financial Services Centre (IFSC) at Gujarat International Finance Tec-City (GIFT), Gandhinagar.
As a leading Non-Banking Financial Company (NBFC), REC Limited’s expansion to GIFT City aligns with its diversification and growth strategy. The proposed subsidiary will offer lending, investment, and other financial services, strengthening its foothold in the energy finance sector.
Shri Vivek Kumar Dewangan, Chairman and Managing Director of REC Limited, highlighted the strategic importance of this development. He noted, “The GIFT City platform provides a favorable environment for international lending activities, backed by world-class infrastructure. REC will leverage this opportunity to establish itself in the global market.”
He further emphasized that the new subsidiary would open fresh business prospects while significantly contributing to the energy sector’s growth. “This entity at GIFT City will support REC’s mission to drive growth in India’s power and infrastructure sectors while also expanding our reach globally.”
GIFT City is an emerging hub for financial services, offering a conducive environment for international lending and investment operations. REC’s strategic move to expand here reflects its commitment to accelerating growth in India’s energy sector and strengthening its global presence.