REC gets RBI nod to set up wholly-owned subsidiary in IFSC, GIFT City, Gujarat
psuwatch.com
India
04-05-2024
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"REC Limited has secured a pivotal approval from the Reserve Bank of India to establish a wholly-owned subsidiary in the prestigious International Financial Services Centre (IFSC) within GIFT City, Gandhinagar, Gujarat. This move, following the Board of Directors' green light earlier this year, marks a significant step towards REC's global expansion strategy.
The subsidiary will empower REC Limited to broaden its international presence and tap into diverse funding opportunities. By leveraging the offshore platform offered by IFSC, REC aims to access competitive funding and foster deeper collaborations with global investors. This strategic initiative underscores REC's commitment to innovation and underscores its position as a key player in the financial landscape, both domestically and internationally."