Gandhinagar: State-run non-banking finance company REC Limited recently received approval from the Reserve Bank of India (RBI) to establish a wholly-owned subsidiary in the International Financial Services Centre (IFSC) at GIFT City, Gandhinagar, Gujarat. The RBI gave REC a “No Objection Certificate” (NOC) on May 3, 2024, after REC’s regulatory filing to stock exchanges.
The establishment of the subsidiary was sanctioned by the REC’s Board of Directors in March 2024. The subsidiary will enhance the international presence of REC, enabling it to conduct authorised financial activities as a Finance Company with the IFSC at GIFT City.
This subsidiary will give REC the opportunity to grow its international reach and allow it better access to financing options and foreign investors.
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