key representatives on signing ceremony
TFP Bureau, New Delhi; February 15,2024: REC Limited, a prominent Maharatna Central Public Sector Enterprise operating under the Ministry of Power and a leading Non-Banking Financial Company (NBFC), has sealed agreements totaling ₹588 crores with Damodar Valley Corporation (DVC) to bolster infrastructure and energy ventures in the Damodar Valley area. The agreements, which include a Term Loan agreement, an Escrow agreement, and Hypothecation deeds, signify a significant step towards enhancing collaboration between REC and DVC for the development of tubed coal mines.
The signing ceremony was attended by key representatives including Senior Chief Project Manager of REC Regional Office in Kolkata, Shri Santosh Kumar Sahu, and Senior General Manager (Finance) of DVC, Shri Durgesh Maity, alongside the Chairman and Managing Director of DVC, Shri S. Suresh Kumar, and members of DVC’s technical, finance, and administrative teams.
These agreements underscore the joint commitment of REC and DVC towards promoting sustainable development and pooling resources for the greater good of the community. Both entities reaffirm their dedication to driving innovation, efficiency, and excellence in the energy sector, thereby catalyzing positive transformation and prosperity for all stakeholders involved.
About Damodar Valley Corporation (DVC) and REC Limited:
DVC, a public sector undertaking under the Ministry of Power, specializes in power generation and transmission, catering to the energy requirements of the eastern region of India.
REC Limited, recognized as a ‘Maharatna’ Central Public Sector Enterprise under the Ministry of Power, is registered with the RBI as a Non-Banking Financial Company (NBFC) and Infrastructure Financing Company (IFC). REC extends financial support to various segments within the power-infrastructure sector, including generation, transmission, distribution, and renewable energy, alongside venturing into emerging technologies such as Electric Vehicles, Battery Storage, and Green Hydrogen projects.
Additionally, REC has diversified its portfolio to include non-power infrastructure sectors such as Roads & Expressways, Metro Rail, Airports, and Social and Commercial Infrastructure. Notably, REC plays a pivotal role in government flagship schemes for the power sector, including Pradhan Mantri Sahaj Bijli Har Ghar Yojana (SAUBHAGAYA) and Deen Dayal Upadhaya Gram Jyoti Yojana (DDUGJY), contributing significantly to the country’s electrification goals.
As of December 31, 2023, REC boasts a substantial loan book of ₹4.97 lakh crores and a net worth of ₹64,787 crores, solidifying its position as a key player in India’s infrastructure financing landscape.
