REC-DVC sign Rs 588 cr pact for development of tubed coal mines

REC Limited, 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.