look news india
New Delhi, May 05 (Hindustan Reporter) Public sector REC Ltd has received Reserve Bank of India (RBI) approval to set up a subsidiary in GIFT City, Gujarat.
The Power Ministry said in a statement issued on Sunday that Rural Electrification Corporation (REC) Limited has received approval from the RBI to set up a subsidiary in GIFT City, Gujarat. The ministry said that the proposed subsidiary will be engaged in various financial activities including lending and investment as a finance company.
REC Limited, a leading non-banking financial company (NBFC) under the Ministry of Power, has received 'No Objection Certificate' (NOC) from RBI for setting up a subsidiary at Gujarat International Finance Tech-City (GIFT City) in Gandhinagar, the ministry said. Is. The decision to expand operations in GIFT City, an emerging hub for financial services in India, comes as REC is diversifying its portfolio and opening up new avenues of growth, the company said.
Vivek Kumar Dewangan, Chairman and Managing Director (CMD), REC Limited, said the GIFT City platform provides a conducive environment for international lending activities with world-class infrastructure. We are confident that REC will utilize these advantages to carve out a niche for itself in the global market.
