REC, DVC Join Hands for Rs 588 Crore Infrastructure Push in Damodar Valley

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State-owned Rural Electrification Corporation (REC) has signed agreements worth ₹588 crore with the Damodar Valley Corporation (DVC) to bolster infrastructure and energy projects in the Damodar Valley region, as announced by the Ministry of Power.

Strengthening Cooperation for Tubed Coal Mines

The agreements aim to enhance collaboration between REC and DVC for the development of tubed coal mines. These include a term loan agreement, an escrow agreement, and hypothecation deeds. The signing ceremony was graced by Senior Chief Project Manager of REC's Regional Office in Kolkata, Santosh Kumar Sahu, and Senior General Manager (Finance) of DVC, Durgesh Maity.

Promoting Sustainable Development

The agreements underscore the joint efforts of both organizations in fostering sustainable development and optimizing resources for the community's benefit. REC and DVC remain committed to driving innovation, efficiency, and excellence in the energy sector, leading to positive change and prosperity for all stakeholders.

About Damodar Valley Corporation

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

REC's Role in Revamped Distribution Sector Scheme

REC has been designated as the nodal agency for specific states and Union Territories under the Revamped Distribution Sector Scheme (RDSS).

REC's Financial Standing

As of December 31, 2023, REC's loan book stood at an impressive ₹4.97 lakh crore, while its net worth reached ₹64,787 crore.

The collaboration between REC and DVC represents a significant step towards strengthening infrastructure and energy projects in the Damodar Valley region. By leveraging their expertise and resources, both organizations are poised to drive sustainable development and contribute to the overall progress of the nation.