REC Receives RBI Nod for GIFT City Subsidiary
ECONOMY & POLICY

REC Receives RBI Nod for GIFT City Subsidiary

REC Limited has obtained approval from the Reserve Bank of India (RBI) to establish a subsidiary in Gujarat International Finance Tec-City (GIFT City), bolstering its presence in the financial hub. The RBI's nod signifies a significant milestone for REC as it expands its operations and strengthens its foothold in strategic locations across the country.

The establishment of a subsidiary in GIFT City aligns with REC's strategic objectives of enhancing operational efficiency, accessing new markets, and diversifying its portfolio. GIFT City, India's first operational smart city and international financial services centre, offers REC a conducive environment for growth and innovation in the financial sector.

The RBI's approval underscores REC's robust credentials and compliance with regulatory requirements, further enhancing its reputation as a trusted financial institution. By setting up a subsidiary in GIFT City, REC aims to leverage the city's infrastructure, regulatory framework, and business ecosystem to drive growth and expand its range of financial services offerings.

GIFT City's strategic location, state-of-the-art infrastructure, and conducive business environment make it an attractive destination for financial institutions looking to establish a presence in India's rapidly evolving financial landscape. REC's decision to establish a subsidiary in GIFT City reflects its forward-thinking approach and commitment to capitalising on emerging opportunities in the financial sector.

The establishment of a subsidiary in GIFT City is expected to enhance REC's operational capabilities, facilitate access to international markets, and foster collaborations with global financial institutions. Additionally, it positions REC to play a key role in supporting infrastructure development and financing initiatives in India and beyond.

GIFT City's status as an international financial services centre offers REC a platform to expand its footprint, engage with a diverse range of stakeholders, and contribute to the development of the financial services sector in India. As REC's subsidiary in GIFT City takes shape, it is poised to become a catalyst for innovation, growth, and collaboration in the financial ecosystem.

REC Limited has obtained approval from the Reserve Bank of India (RBI) to establish a subsidiary in Gujarat International Finance Tec-City (GIFT City), bolstering its presence in the financial hub. The RBI's nod signifies a significant milestone for REC as it expands its operations and strengthens its foothold in strategic locations across the country. The establishment of a subsidiary in GIFT City aligns with REC's strategic objectives of enhancing operational efficiency, accessing new markets, and diversifying its portfolio. GIFT City, India's first operational smart city and international financial services centre, offers REC a conducive environment for growth and innovation in the financial sector. The RBI's approval underscores REC's robust credentials and compliance with regulatory requirements, further enhancing its reputation as a trusted financial institution. By setting up a subsidiary in GIFT City, REC aims to leverage the city's infrastructure, regulatory framework, and business ecosystem to drive growth and expand its range of financial services offerings. GIFT City's strategic location, state-of-the-art infrastructure, and conducive business environment make it an attractive destination for financial institutions looking to establish a presence in India's rapidly evolving financial landscape. REC's decision to establish a subsidiary in GIFT City reflects its forward-thinking approach and commitment to capitalising on emerging opportunities in the financial sector. The establishment of a subsidiary in GIFT City is expected to enhance REC's operational capabilities, facilitate access to international markets, and foster collaborations with global financial institutions. Additionally, it positions REC to play a key role in supporting infrastructure development and financing initiatives in India and beyond. GIFT City's status as an international financial services centre offers REC a platform to expand its footprint, engage with a diverse range of stakeholders, and contribute to the development of the financial services sector in India. As REC's subsidiary in GIFT City takes shape, it is poised to become a catalyst for innovation, growth, and collaboration in the financial ecosystem.

Next Story
Infrastructure Energy

J&K CM Rules Out Power Privatisation, Focuses on Sector Reform

Jammu and Kashmir Chief Minister Omar Abdullah has dismissed speculation regarding privatisation of electricity in the Union Territory, emphasising that his priority is to strengthen and reform the power sector.“We are not discussing privatisation. By reducing losses, improving billing efficiency, and enhancing revenue, there will be no need for it. My vision is to strengthen and reform the power sector in J&K,” Abdullah stated.He addressed the gathering at the 58th Engineers’ Day at SKICC on Monday evening, an event honouring Bharat Ratna Sir M Visvesvaraya for his pioneering contri..

Next Story
Infrastructure Urban

Mumbai’s Sassoon Dock to Get Tech-Driven Modernisation with Finland

The Maharashtra government, in collaboration with Finland, will modernise Mumbai’s historic Sassoon Dock using advanced technology, state minister Nitesh Rane announced on Wednesday.Rane met a delegation of Finnish officials and representatives of Finnish companies at the dock to discuss strategic plans for upgrading the facility in south Mumbai, according to an official statement.Built in the 19th century, Sassoon Dock is one of Mumbai’s oldest and busiest fishing harbours. Operations currently exceed its original capacity, raising concerns over hygiene, odour, fish handling standards, an..

Next Story
Infrastructure Energy

Agarwal Industrial Wins Rs 3.3 Billion IOCL Bitumen Tender

Agarwal Industrial Corporation rose 3.84 per cent to Rs 945.65 after announcing it had secured a prestigious tender from Indian Oil Corporation (IOCL) worth Rs 3.3 billion.In a regulatory filing during market hours, the company confirmed it had won the tender to supply Bulk Bitumen (VG-30 and VG-40 grades) to IOCL’s Kakinada locations.The firm quantity under the award totals around 60,500 tonnes across 11 parcels, while the optional quantity is approximately 33,000 tonnes across six parcels. This brings the total awarded quantity to roughly 93,500 tonnes. At current market prices, the firm o..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?