REC Ltd and DVC ink Rs 588 Cr agreements for TUBED Coal Mines Development
Author: BI Bureau
New Delhi: REC Limited, a leading Non-Banking Finance Company (NBFC) under the Ministry of Power, has recently entered into agreements totaling ₹588 Crore with the Damodar Valley Corporation (DVC). The purpose of these agreements is to fortify infrastructure and energy projects in the region, particularly focusing on the development of TUBED coal mines.
The agreements, which include a Term Loan agreement, an Escrow agreement, and Hypothecation deeds, were signed by Santosh Kumar Sahu, Senior Chief Project Manager at REC Regional Office in Kolkata, and Durgesh Maity, Senior General Manager (Finance) at DVC. The signing ceremony was graced by the presence of S. Suresh Kumar, Chairman and Managing Director (CMD) of DVC, alongside members of DVC’s technical, finance, and administrative teams.
REC Limited, as a 'Maharatna' CPSE registered with the Reserve Bank of India (RBI) as an NBFC and Infrastructure Financing Company (IFC), holds a prominent position in the power sector. Collaborating with DVC underscores the shared commitment of both organizations towards promoting sustainable development and harnessing resources for the community's greater good.
The partnership between REC and DVC is poised to drive innovation, efficiency, and excellence in the energy sector. By leveraging their strengths and resources, both entities aim to catalyse positive change and prosperity for all stakeholders involved. /BI
