REC and DVC sign 588 Cr agreements for TUBED coal mines development

REC Limited, a Maharatna CPSE under the Ministry of Power and a leading NBFC, signed agreements worth 588 Crore with Damodar Valley Corporation (DVC) to strengthen  infrastructure and energy projects in the region. The agreements aim to strengthen their cooperation for the development of TUBED coal mines, and include a Term Loan agreement, an Escrow agreement, and Hypothecation deeds. The agreement was signed by Santosh Kumar Sahu, Senior Chief Project Manager, REC Regional Office, Kolkata and Durgesh Maity, Senior General Manager (Finance), DVC. The signing took place in the presence of S Suresh Kumar, Chairman and Managing Director (CMD), DVC along with members of DVC’s technical, finance, and administrative teams.   The signing ceremony underscores 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.