New Delhi, May 6 -- 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...