REC Limited Eyes Global Expansion, Set to Open Subsidiary in Gujarat's GIFT City

REC Limited, under the Ministry of Power, is planning to finance offshore projects by opening a subsidiary in Gujarat's GIFT City this financial year. The company reported a 19% increase in revenue and a 16% rise in net profit for Q1 2024. CEO Vivek Kumar Dewangan reveals plans for further growth.

REC Limited, a 'Maharatna' company overseen by the Ministry of Power, has submitted an application to establish a subsidiary in Gujarat's GIFT City, aiming to kickstart offshore project financing. Speaking to ANI, Chairman and Managing Director Vivek Kumar Dewangan mentioned that the financing would likely commence this financial year.

"We have submitted our application to open our subsidiary in GIFT City, Gandhinagar. Once we receive approval, we will proceed," Dewangan stated after the company's Q1 2024 earnings report. The board approved the financial results on Saturday, showing a revenue jump to Rs 13,023 crore, up 19% from the previous year, with a net profit rising 16% to Rs 3,442 crore.

Dewangan expressed confidence in sustaining the company's 15-17% growth trajectory. The company's market capitalization significantly increased to Rs 1,38,348 crore from Rs 43,356 crore last year, with shares rising by 221% over 12 months, closing at Rs 623.55 on Friday. REC aims to double its loan book to Rs 10 lakh crore by 2030, focusing 30% on renewable energy.