REC has received a ‘No Objection Certificate’, dated 03 May, 2024 from the Reserve Bank of India (RBI) for setting up a wholly-owned subsidiary in International Financial Services Centre (IFSC), Gujarat International Finance Tec-City (GIFT), Gandhinagar in Gujarat.

The decision to expand operations into GIFT, a hub for financial services in India, comes as the Maharatna Central Public Sector Enterprise continues to diversify its portfolio and explore new avenues for growth. 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 GIFT City platform offers a conducive environment for international lending activities, along with world-class infrastructure. REC will harness these advantages to carve a niche for itself globally.

The entity at GIFT City will not only present new business opportunities for REC, but would also contribute significantly to the growth of the country's energy sector. It looks forward to leveraging this strategic move to further propel REC's mission of fostering growth in the power and infra sector, while expanding its footprint on the global stage.