REC Limited, a 'Maharatna' company under the Ministry of Power, has applied to open a subsidiary in Gujarat's GIFT City to begin financing offshore projects. CMD Vivek Kumar Dewangan announced plans to start offshore financing this financial year. REC reported a 19% increase in revenue to Rs 13,023 crore and a 16% rise in net profit to Rs 3,442 crore for Q1 2024. The company aims to double its loan book to Rs 10 lakh crore by 2030, focusing on renewable energy and non-power infrastructure.
