New Delhi: Rural Electrification Corporation Limited (REC), a Maharatna Central Public Sector Enterprises (CPSE) under the Ministry of Power, and a prominent Non-Banking Financial Company (NBFC), has finalised an agreement with Damodar Valley Corporation (DVC) worth Rs. 588 crores. The deal aims to fortify infrastructure and energy projects.
The collaboration targets the enhancement of TUBED coal mines and encompasses a Term Loan agreement, an Escrow agreement, and hypothecation deeds.
The agreement was formally executed by Santosh Kumar Sahu, Senior Chief Project Manager at REC Regional Office in Kolkata, and Durgesh Maity, Senior General Manager (Finance) at DVC.
The signing ceremony witnessed the presence of S Suresh Kumar, Chairman and Managing Director (CMD) of DVC, accompanied by members of DVC’s technical, finance, and administrative teams.
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