Gurugram, May 5 -- REC Limited, a Maharatna CPSE under Ministry of Power and a leading NBFC has received a 'No Objection Certificate' (NOC) from Reserve Bank of India (RBI) for setting up a subsidiary in Gujarat International Finance Tech-City (GIFT) in Gandhinagar, Gujarat.

The decision to expand operations into GIFT, a burgeoning hub for financial services in India, comes as REC 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.

Speaking on the development, Sh. Vivek Kumar Dewangan, CMD, REC Ltd said, "The GIFT City platform offers a conducive enviro...