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State-owned REC Ltd. said on Sunday it has received the 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 added .
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."
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