What is the total value of the agreements signed between REC Limited and Damodar Valley Corporation (DVC) for the development of tubed coal mines?

Solution

•     REC Limited, a Maharatna Central Public Sector Enterprise under the Ministry of Power and leading NBFC, has signed agreements worth Rs. 588 crores with Damodar Valley Corporation (DVC) to strengthen infrastructure and energy projects in the Damodar Valley region. •     The agreements aim to strengthen the cooperation between REC and DVC for the development of tubed coal mines, and include a Term Loan agreement, an Escrow agreement, and Hypothecation deeds. •     The agreements signed underscore the collaborative efforts of both organizations in promoting sustainable development and leveraging resources for the greater benefit of the community. Learn Along About DVC and REC •     DVC is a public sector undertaking under the union Ministry of Power, engaged in power generation and transmission, catering to the energy needs of the eastern region of the country. •     REC is a 'Maharatna' Central Public Sector Enterprise under the Ministry of Power, and is registered with RBI as Non-Banking Finance Company (NBFC), and Infrastructure Financing Company (IFC). •     REC finances the entire Power-Infrastructure sector comprising Generation, Transmission, Distribution, Renewable Energy and new technologies like Electric Vehicles, Battery Storage, Pumped Storage Projects, Green Hydrogen and Green Ammonia projects.