REC Ltd. to Establish Subsidiary in GIFT City, Gujarat
State-owned Rural Electrification Corporation Limited (REC Ltd.) has received approval from the Reserve Bank of India (RBI) to establish a subsidiary in the Gujarat International Finance Tec-City (GIFT) in Gandhinagar, Gujarat. This move signifies REC's commitment to expanding its operations and exploring new avenues for growth.
The proposed subsidiary will operate as a finance company within GIFT, engaging in a range of financial activities such as lending, investment, and other financial services. This decision aligns with REC's ongoing efforts to diversify its portfolio and leverage the burgeoning financial services hub that GIFT City represents.
REC Ltd., a leading Non-Banking Financial Company (NBFC) under the Ministry of Power, is confident that the GIFT City platform, with its conducive environment for international lending activities and world-class infrastructure, will provide REC with the necessary advantages to carve a niche for itself in the global market.
Vivek Kumar Dewangan, CMD of REC Ltd., expressed his optimism about the new subsidiary, stating that "We are confident that REC will harness these advantages to carve a niche for itself in the global market.