REC lines up Rs 588 crore for Damodar Valley Corporation projects
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Leading government-owned financial company on Wednesday signed agreements worth Rs 588 crore with Damodar Valley Corporation (DVC) to strengthen infrastructure and energy projects in the region.
The agreements aim to strengthen cooperation for the development of TUBED coal mines, and include a term loan agreement, an escrow agreement, and hypothecation deeds, according to an REC statement.
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 DVC and other officials.
The signing ceremony underscores the collaborative efforts of both organisations in promoting sustainable development and leveraging resources for the greater benefit of the community, the statement added.
