New Delhi: In a major boost to India’s power infrastructure, Indian Overseas Bank (IOB), a leading public sector bank, has sanctioned a project loan of ₹5,581.03 crore to Damodar Valley Corporation (DVC) for the development of a large-scale thermal power project in West Bengal. The financial assistance marks a significant step toward strengthening energy generation capacity in the eastern region.
Funding Secured for 800 MW Super-Critical Thermal Unit
The sanctioned loan will support DVC’s initiative to establish a 1×800 MW super-critical thermal power unit at Durgapur. This advanced facility is expected to enhance efficiency, reduce emissions compared to older units, and contribute significantly to meeting rising electricity demand in the industrial and residential sectors.
IOB announced that it has completed the full financial tie-up for this landmark project, reinforcing the bank’s commitment to supporting large-scale national infrastructure ventures.
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Loan Agreement Formalised in Presence of Senior Officials
The loan documentation was executed by Mr. Durgesh Maiti, Chief General Manager (Finance), DVC, and Mr. R. Rakesh, Deputy General Manager, IOB.
The signing ceremony was graced by senior dignitaries including:
- Gaurav Bhardwaj, General Manager, IOB
- P. G. Sankarakrishnan, Assistant General Manager, IOB
- Mr. S. Suresh Kumar, Chairman, DVC
- Mr. Arup Sarkar, Member (Finance), DVC
Their presence underscored the strategic importance of the project and the strong financial cooperation between the two organisations.
Strengthening India’s Power Infrastructure
This collaboration is expected to accelerate the development of modern, reliable power systems in the region. The new thermal unit will help meet growing energy demand while supporting industrial clusters around Durgapur and adjoining districts.
About Indian Overseas Bank (IOB)
Indian Overseas Bank is a major public sector bank in India, known for its robust financial services, corporate lending, and commitment to supporting national infrastructure projects. With a strong network and a legacy of trust, IOB continues to play a vital role in India’s economic development.
About Damodar Valley Corporation (DVC)
Damodar Valley Corporation (DVC) is a premier government-owned public sector undertaking (PSU) responsible for electricity generation, transmission, and distribution in the Damodar Valley region. With a focus on thermal, hydro, and renewable power, DVC remains a key contributor to the country’s energy needs and regional industrial growth.
