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.
Recently, in April 2024, REC Limited secured green loan totaling JPY 60.536 billion from SACE to support eligible green projects across the country. In the same month, REC Limited and Chenab Valley Power Project Private Limited entered into an agreement to provide financial support through a term loan of Rs 18.69 billion.
