REC Limited has received a no objection certificate from the Reserve Bank of India (RBI), for setting up a wholly owned subsidiary in International Financial Services Centre, Gujarat International Finance Tec-City (GIFT), Gandhinagar, 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. 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.