Renewable energy agency REC Limited is to set up a new subsidiary in the International Financial Services Centre (IFSC), Gujarat International Finance Tec-City ( GIFT), in a bid to diversify its portfolio and explore new growth avenues, a PIB press release stated.
The state-owned NBFC has received a ‘No Objection Certificate’ (dated May 3, 2024) from the Reserve Bank of India for setting up the wholly owned subsidiary. The proposed subsidiary will provide financial services including lending, investment, and other financial services.
The decision to expand operations into GIFT, a growing hub for financial services in India, comes as REC continues to diversify its portfolio and explore new avenues for growth.
The proposed subsidiary will leverage the expertise of GIFT and its global reach to enhance its business growth trajectory and contribute to the growth of the country’s energy sector, said CMD, REC Limited, Vivek Kumar Dewangan.
“We are confident that REC will harness these advantages to carve a niche for itself in the global market. The entity at GIFT City will not only present new business opportunities for REC but will also contribute significantly to the growth of the country’s energy sector”, he added.