REC Ltd seeks to finance international projects with new subsidiary application at GIFT City – EQ
In Short : REC Ltd has applied to establish a new subsidiary at GIFT City to finance international projects. This move aims to expand its global footprint and support the development of infrastructure projects beyond India.
In Detail : Chairman and Managing Director of REC Limited, Vivek Kumar Dewangan, talking to ANI soon after the company released its Q1 earnings, said they would start financing offshore projects “as soon as possible” and hinted it is most likely in this current financial year.
REC Limited, a ‘Maharatna’ company under the administrative control of the Ministry of Power, has applied to open a subsidiary in Gujarat’s Gift City, which will make way for it to start financing offshore projects.
Chairman and Managing Director of REC Limited, Vivek Kumar Dewangan, talking to ANI soon after the company released its Q1 earnings, said they would start financing offshore projects “as soon as possible” and hinted it is most likely in this current financial year.
“Right now, we have submitted our application to open our subsidiary in GIFT City in Gandhinagar. Once this approval comes, then we will think over it,” said the CMD.
The company’s Board of Directors on Saturday approved the financial results for the quarter ended June 2024.
The company’s revenue from operations was at Rs 13,023 crore, versus Rs 10,976 crore reported in the same quarter last year, a yearly increase of 19 per cent.
