REC Funds Damodar Valley Corp's Tubed Coal Mines - Rs 588 Cr

New Delhi, Feb 14 (PTI) State-owned REC signed agreements to provide Rs 588 crore finance facilities to Damodar Valley Corporation for development of tubed coal mines in the Damodar Valley region.

"REC Ltd has signed agreements worth Rs 588 crore with the Damodar Valley Corporation (DVC) to strengthen infrastructure and energy projects in the Damodar Valley region," a power ministry statement said.

According to the statement, 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.

The agreements signed underscore the collaborative efforts of both organisations in promoting sustainable development and leveraging resources for the greater benefit of the community.

REC and DVC remain steadfast in their dedication to fostering innovation, efficiency, and excellence in the energy sector, driving positive change, and prosperity for all stakeholders involved.

The DVC is a public sector undertaking under the Union Ministry of Power, engaged in power generation and transmission, catering to the energy needs of the eastern region of the country.

The REC has been made the nodal agency for certain states and Union Territories for the Revamped Distribution Sector Scheme (RDSS).

The loan book of REC stands at Rs 4.97 lakh crore and its net worth is Rs 64,787 crore as on December 31, 2023.