- The Reserve Bank of India (RBI) has provided a ‘No Objection Certificate’ (NOC) to REC Ltd for setting up a subsidiary in Gujarat International Finance Tech-City (GIFT) city.
- REC Limited subsidiary will be involved in various financial activities, including lending, investment, and other financial services.
- The GIFT City will provide a conducive environment for international lending activities along with world-class infrastructure.
REC Limited
- It was established in 1969 and focuses on power sector financing and development across India.
- It provides financial assistance to state electricity boards, state governments, and central and state power utilities.
- It is engaged in projects related to generation, transmission, distribution, and renewable energy.