New Delhi, May 6 (KNN) REC Limited, a leading Maharatna central public sector enterprise under the Ministry of Power and a prominent non-banking financial company (NBFC), has received the Reserve Bank of India's approval to establish a wholly owned subsidiary in the International Financial Services Centre (IFSC) at Gujarat International Finance Tec-City (GIFT City), Gandhinagar.

The 'No Objection Certificate' from the RBI, dated May 3, 2024, paves the way for REC to expand its operations to GIFT City, an emerging hub for financial services in India.

The proposed subsidiary will engage in a range of financial activities as a finance company within GIFT City, including lending, investment, and other financial services.

Vivek Kumar Dewangan, Chairman and Managing Director of REC Limited, expressed enthusiasm about the strategic move, stating, "The GIFT City platform offers a conducive environment for international lending activities, coupled with world-class infrastructure. We are confident that REC will harness these advantages to carve a niche for itself in the global market."

Dewangan highlighted the subsidiary's potential to open new business opportunities for REC while significantly contributing to the growth of India's energy sector.

He emphasised REC's commitment to leveraging this strategic move to further its mission of fostering growth in the country's power and infrastructure sectors while expanding its global footprint.

The decision aligns with REC's efforts to diversify its portfolio and explore new avenues for growth in the rapidly evolving financial landscape.

(KNN Bureau)