State-run REC Ltd on Wednesday (February 14) signed agreements worth ₹588 crore with Damodar Valley Corporation (DVC) for the development of tubed coal mines 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 organisations in promoting sustainable development and leveraging resources for the greater benefit of the community.
REC Ltd is a maharatna central public sector enterprise under the Ministry of Power and is registered with RBI as a 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.
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.
Shares of REC Ltd ended at ₹481.35, up by ₹16.10, or 3.46%, on the BSE.
