REC, DVC sign Rs 588 crore agreements for coal mines development

New Delhi: REC Limited has signed agreements worth Rs 588 crore with Damodar Valley Corporation (DVC) to strengthen infrastructure and energy projects in the region.

According to an official statement, the agreements aim to strengthen their cooperation for the development of TUBED coal mines, and include a term loan agreement, an Escrow agreement, and Hypothecation deeds.

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The agreement has been signed by REC's Senior Chief Project Manager (REC Regional Office, Kolkata) Santosh Kumar Sahu and DVC's Senior General Manager (Finance) Durgesh Maity. The signing took place in the presence of DVC's Chairman and Managing Director (CMD) S Suresh Kumar along with members of DVC’s technical, finance, and administrative teams.

The signing ceremony underscores 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," REC said in an official statement.

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