REC Limited anno7unced that at the board meeting held on March 19, 2024, the company approved the incorporation of subsidiaries: Incorporation of a Wholly Owned Subsidiary Company of REC Limited for dealing in permissible activities as a Finance Company in International Financial Service Centre (IFSC), Gujarat International Finance Tec-City ("GIFT"), Gandhinagar, Gujarat, subject to receipt of No-Objection Certificate from the Reserve Bank of India. Incorporation of a project-specific special purpose vehicle, as wholly owned subsidiary of REC Power Development & Consultancy Limited (a wholly owned subsidiary of REC Limited), for additional Transmission system for evacuation of power from Bhadla-III PS as part of Rajasthan REZ Phase-III scheme (20 GW) and to act as Bid Process Coordinator (BPC) for the purpose of selection of Bidder as Transmission Service Provider (TSP), through tariff based competitive bidding process.