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The proposed subsidiary will engage in a range of financial activities as a finance company within GIFT, including lending, investment, and other financial services.
According to the statement, REC Ltd, under the Ministry of Power and a leading NBFC, has received a No Objection Certificate (NOC) from the Reserve Bank of India (RBI) for setting up a subsidiary in Gujarat International Finance Tech-City (GIFT) in Gandhinagar, Gujarat.
(MC) State-owned REC Ltd on April 30 reported a net profit of Rs 4,079.09 crore for the quarter ending March 31, 2024, which is about 33 percent higher as compared to the year-ago period. The company's net profit in the fourth quarter of the previous fiscal stood at Rs 3,065.37 crore. Net interest income for the quarter…