Primary authorities-owned financial organization REC on Sunday mentioned it has obtained a nod from the Reserve Lender of India (RBI) to established up a wholly-owned subsidiary in Gift City in Gujarat.
The subsidiary will engage in quite a few financial routines as a finance company in just Present, such as lending, financial investment, and other providers.
“The Present City system features a conducive setting for global lending routines, coupled with earth-course infrastructure. We are assured that REC will harness these strengths to carve a specialized niche for by itself in the world industry,” stated Vivek Kumar Dewangan, CMD, REC.
The entity at Gift City will not only existing new company options for REC but will also contribute appreciably to the growth of the country’s strength sector.
“We glance ahead to leveraging this strategic go to further propel REC’s mission of fostering development in India’s electric power and infra sector while expanding our footprint on the world phase,” Dewangan added.
The conclusion to develop functions into Present Town in Gandhinagar arrives as REC carries on to diversify its portfolio and explore new avenues for growth.
REC, beneath the Ministry of Electrical power, registered a 34 for every cent enhance in web gain at Rs 4,016 crore for the January-March quarter of FY24. The running earnings went up 25 for each cent to Rs 12,613 crore during the quarter.