State-owned REC Ltd announced that it has received RBI’s approval to establish a subsidiary in GIFT City, Gujarat. The proposed subsidiary aims to engage in various financial activities as a finance company, including lending, investment, and other financial services, within GIFT. REC Ltd, which operates under the Ministry of Power and is a leading NBFC, has obtained a No Objection Certificate (NOC) from RBI for this expansion. The decision to enter GIFT aligns with REC’s strategy to diversify and explore new growth opportunities.