According to the exchange filing made by the company, it has been informed that Rec Ltd has received “No Objection Certificate” from the Reserve Bank of India (RBI) for setting up a wholly owned subsidiary in International Financial Services Centre (IFSC), Gujarat International Finance Tec-City (“GIFT”), Gandhinagar.
The company has achieved the certificate to collaborate with significant regulated financial services entities.
The subsidiary will serve as a means for the State-owned PSU to expand its global presence. The unit is expected to facilitate international visitors and provide diversified opportunities domestically.