The RBI has given state-owned REC Ltd permission to establish a subsidiary in Gujarat’s GIFT City, the company announced on Sunday.
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 hub in India, is part of REC’s ongoing efforts to diversify its portfolio and look for new development opportunities, the company said.
Vivek Kumar Dewangan, CMD at REC Ltd mentioned in a statement, “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.”
