REC Limited and Damodar Valley Corporation Collaborate on ?588 Cr TUBED Coal Mines Development Deal
REC Limited, a Maharatna CPSE under the Ministry of Power and a leading NBFC, signed agreements worth ?588 Crore with Damodar Valley Corporation (DVC) to strengthen infrastructure and energy projects in the region. 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.
The agreement was signed by Sh Santosh Kumar Sahu, Senior Chief Project Manager, REC Regional Office, Kolkata and Sh Durgesh Maity, Senior General Manager (Finance), DVC. The signing took place in the presence of Sh. S. Suresh Kumar, Chairman and Managing Director (CMD), DVC along with members of DVC’s technical, finance, and administrative teams.
The signing ceremony underscores the collaborative efforts of both organizations 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.
About REC Limited:
REC is a 'Maharatna' CPSE under the Ministry of Power, and is registered with RBI as Non-Banking Finance Company (NBFC), and Infrastructure Financing Company (IFC). REC is financing the entire Power-Infrastructure sector comprising Generation, Transmission, Distribution, Renewable Energy and new technologies like Electric Vehicles, Battery Storage, Pumped Storage projects, Green Hydrogen, Green Ammonia projects etc. Recently, REC has also diversified into the Non-Power Infrastructure sector comprising Roads & Expressways, Metro Rail, Airports, IT Communication, Social and Commercial Infrastructure (Educational Institution, Hospitals), Ports and Electro-Mechanical (E&M) works in respect of various other sectors like Steel, Refinery, etc. REC Ltd. provides loans of various maturities to State, Central and Private Companies for creation of infrastructure assets in the country. REC Ltd. continues to play a key strategic role in the flagship schemes of the Government for the power sector and has been a nodal agency for Pradhan Mantri Sahaj Bijli Har Ghar Yojana (SAUBHAGAYA), Deen Dayal Upadhaya Gram Jyoti Yojana (DDUGJY), National Electricity Fund (NEF) Scheme which resulted in strengthening of last mile distribution system, 100% village electrification and household electrification in the country. REC has also 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 Net Worth at Rs. 64,787 crores as on 31st Dec, 2023.
For further details, contact:
Business Development and Marketing (BDM) Division
(Corporate Communications cell)
REC Limited
Website: https://www.recindia.nic.in/
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