REC Ltd, a non-banking finance company under India’s Ministry of Power, has received no-objection certificate (NOC) from the Reserve Bank of India (RBI) to set up a subsidiary in Gujarat International Finance Tech-City (GIFT) in the Gandhinagar district of Gujarat.
REC is expanding operations into GIFT City, a burgeoning hub for financial services in India, as it 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.
REC finances the entire power infrastructure sector comprising generation, transmission, distribution, renewable energy and new technologies like electric vehicles, battery storage, pump storage projects, green hydrogen, green ammonia projects, etc. More recently, it has also diversified into the non-power infrastructure sector.
Vivek Kumar Dewangan, chairman and managing director, REC Ltd, said, “The GIFT City platform offers a conducive environment for international lending activities coupled with world-class infrastructure. 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 also contribute significantly to the growth of the country’s energy sector. We look forward to leveraging this strategic move to further propel REC’s mission of fostering growth in India’s power and infra sector while expanding our footprint on the global stage.”
REC Ltd has been the nodal agency for Pradhan Mantri Sahaj Bijli Har Ghar Yojana (SAUBHAGAYA), Deen Dayal Upadhaya Gram Jyoti Yojana (DDUGJY), and National Electricity Fund (NEF) Scheme, which resulted in strengthening of the last-mile distribution system, 100% village electrification and household electrification in the country. It is also the nodal agency for certain states and union territories for the Revamped Distribution Sector Scheme (RDSS). REC has also been given the responsibility of PM Surya Ghar Muft Bijli Yojna.
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