REC Limited and Damodar Valley Corporation Sign Agreements For Tubed Coal Mine Development

  • REC Limited, a leading NBFC, has signed agreements worth Rs. 588 Crores with Damodar Valley Corporation (DVC) to enhance infrastructure and energy projects in the Damodar Valley region. 
  • The agreements include a Term Loan agreement, an Escrow agreement, and Hypothecation deeds. 
  • The collaboration aims to promote sustainable development and leverage resources for community benefit. 
  • DVC, a public sector undertaking under the Union Ministry of Power, is engaged in power generation and transmission. 
  • REC, a ‘Maharatna’ Central Public Sector Enterprise, finances the entire Power-Infrastructure sector and has recently diversified into the Non-Power Infrastructure sector. 
  • REC provides loans to State, Central, and Private Companies for infrastructure asset creation and plays a key strategic role in the government’s flagship schemes for the power sector.
Posted in Current Affairs.