REC receives RBI approval to set up
subsidiary in Gujarat's GIFT City
State-owned REC Ltd on Sunday said it has received
RBI's approval to set up a subsidiary in GIFT City, Gujarat.
The proposed subsidiary will engage in a range of
financial activities as a finance company within GIFT, including lending,
investment, and other financial services, a company statement said.
According to the statement, REC Ltd, under the
Ministry of Power and a leading NBFC, has received a No Objection Certificate'
(NOC) from the Reserve Bank of India (RBI) for setting up a subsidiary in
Gujarat International Finance Tech-City (GIFT) in Gandhinagar, Gujarat.
The decision to expand operations into GIFT, a burgeoning
hub for financial services in India, comes as REC continues to diversify its
portfolio and explore new avenues for growth, it stated.
Vivek Kumar Dewangan, CMD, REC Ltd said in the
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.
www.business-standard.com
dt. 06-05-2024