RBI approves REC's establishment of a subsidiary in GIFT City

RBI approves REC's establishment of a subsidiary in GIFT City

As a finance firm inside GIFT, the planned subsidiary would carry out a variety of financial operations, such as lending, investing, and other financial services.

The RBI has given state-owned REC Ltd permission to establish a subsidiary in Gujarat's GIFT City, the company said on Sunday.

According to a business release, the planned subsidiary would operate as a finance firm inside GIFT, offering lending, investing, and other financial services.

The Reserve Bank of India (RBI) has granted REC Ltd, a prominent NBFC under the Ministry of Power, a No Objection Certificate (NOC) to establish a subsidiary in Gujarat International Finance Tech-City (GIFT) in Gandhinagar, Gujarat.

Expanding operations into GIFT, an emerging financial services center in India, is part of REC's ongoing efforts to diversify its portfolio and look for new development opportunities, the company said.

"The GIFT City platform offers a conducive environment for worldwide lending activities coupled with world-class infrastructure," said Vivek Kumar Dewangan, CMD of REC Ltd. in the announcement. We have faith that REC will take advantage of these advantages to establish a name for itself in the international marketplace.