REC gets RBI approval for GIFT City subsidiary

6 May 2024 , 12:30 PM

REC, a leading government-owned financial company, has received approval from the RBI to establish a wholly-owned subsidiary in GIFT City, Gujarat. The subsidiary will undertake various financial activities, including lending, investment, and other services within GIFT.

Vivek Kumar Dewangan, CMD of REC, highlighted GIFT City’s conducive environment for international lending activities and world-class infrastructure. REC aims to leverage these advantages to establish a presence in the global market.

The entity at GIFT City is expected to offer new business opportunities and contribute to the growth of India’s energy sector.

REC intends to further its mission of fostering growth in India’s power and infra sector while expanding its global footprint through this strategic move. The decision to expand into GIFT City aligns with REC’s strategy of diversifying its portfolio and exploring new avenues for growth.

In the January-March quarter of FY24, REC, under the Ministry of Power, recorded a 34% increase in net profit to ₹4,016 Crore and a 25% increase in operating revenue to ₹12,613 Crore.

For feedback and suggestions, write to us at [e-mail]