REC receives RBI approval to set up subsidiary in Gujarat’s GIFT City
State-owned REC Ltd on Sunday said it has received 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 said.
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.
