Rural Electrification Corporation Limited (REC), a Maharatna Central Public Sector Enterprises (CPSE) under the Ministry of Power and a leading Non-Banking Financial Company (NBFC) signed an agreement with Damodar Valley Corporation (DVC) worth RS. 588 crores to strengthen infrastructure and energy projects.
The agreement aims to strengthen their cooperation for the development of TUBED coal mines and includes a Term Loan agreement, an Escrow agreement and hypothecation deeds.
The agreement was signed by Mr. Santosh Kumar Sahu, Senior Chief Project Manager, REC Regional Office at Kolkata and Mr. Durgesh Maity, Senior General Manager (Finance) at DVC.
The signing was held in the presence of Mr. S Suresh Kumar, Chairman and Managing Director (CMD), DVC, along with members of DVC’s technical, finance and administrative teams.
