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REC Limited to Establish Wholly Owned Subsidiary in GIFT City, Gujarat

New Delhi: REC Limited, a prominent Maharatna Central Public Sector Enterprise under the Ministry of Power and a leading Non-Banking Financial Company (NBFC), has received a ‘No Objection Certificate’ (dated May 3, 2024) from the Reserve Bank of India, paving the way for the establishment of a wholly owned subsidiary in the International Financial Services Centre (IFSC) at Gujarat International Finance Tec-City (GIFT), Gandhinagar, Gujarat.

The decision to venture into GIFT City, recognized as a burgeoning hub for financial services in India, reflects REC’s commitment to diversifying its portfolio and exploring new avenues for growth. The proposed subsidiary is poised to engage in a spectrum of financial activities as a finance company within GIFT, encompassing lending, investment, and other financial services.

Commenting on this strategic move, Vivek Kumar Dewangan, Chairman and Managing Director (CMD) of REC Limited, expressed confidence in the advantages offered by the GIFT City platform. He stated, “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.”

Dewangan further highlighted the broader impact of this initiative, emphasizing its potential to contribute significantly to the growth of the country’s energy sector. He added, “The entity at GIFT City will not only present new business opportunities for REC but will also contribute significantly to the growth of the country’s energy sector. We look forward to leveraging this strategic move to further propel REC’s mission of fostering growth in India’s power and infra sector while expanding our footprint on the global stage.”

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