State-owned REC signed agreements to provide Rs 588 crore finance facilities to Damodar Valley Corporation for development of tubed coal mines in the Damodar Valley region.
“REC Ltd has signed agreements worth Rs 588 crore with the Damodar Valley Corporation (DVC) to strengthen infrastructure and energy projects in the Damodar Valley region,” a power ministry statement said.
According to the statement, 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.
