REC Limited, a Maharatna Central Public Sector Enterprise under the Ministry of Power and leading NBFC, has signed agreements worth Rs. 588 crores with Damodar Valley Corporation (DVC) to strengthen infrastructure and energy projects in the Damodar Valley region.
The agreements aim to strengthen the cooperation between REC and DVC for the development of tubed coal mines, and include a Term Loan agreement, an Escrow agreement, and Hypothecation deeds.
The agreement was signed by Senior Chief Project Manager, REC Regional Office, Kolkata, Santosh Kumar Sahu and Senior General Manager (Finance), DVC, Durgesh Maity, in the presence of Chairman and Managing Director, DVC, S. Suresh Kumar and members of DVC’s technical, finance, and administrative teams.
The agreements signed underscore the collaborative efforts of both organizations in promoting sustainable development and leveraging resources for the greater benefit of the community. REC and DVC remain steadfast in their dedication to fostering innovation, efficiency, and excellence in the energy sector, driving positive change and prosperity for all stakeholders involved.
