REC Limited, a Maharatna Central Public Sector Enterprise and leading NBFC under the Ministry of Power, has signed agreements worth Rs 588 crore with Damodar Valley Corporation (DVC) to strengthen infrastructure and energy projects in the Damodar Valley region. The objective of these agreements is to strengthen the partnership between REC and DVC for development of tube coal mines. These also include a term loan agreement, an escrow agreement and a deed of hypothecation.
These agreements were signed by Mr. Santosh Kumar Sahu, Senior Chief Project Manager, REC Regional Office, Kolkata and Mr. Durgesh Maiti, Senior General Manager (Finance), DVC. Shri S. Suresh Kumar, Chairman and Managing Director of DVC and members of the technical, finance and administration team of DVC were present on this occasion. These signed agreements underline the collaborative efforts of both organizations in promoting sustainable development and leveraging resources for the greater benefit of the community. REC and DVC are committed to promoting innovation, efficiency and excellence in the energy sector, driving positive change and prosperity for all stakeholders involved.