Govt Enforces ‘Melt and Pour’ Rule for All Steel in Public Projects Nippon Steel expected to finalize U.S. Steel acquisition at $55 per share NMDC Limited reports a 38% drop in Q4 FY24 consolidated net profit RINL to Raise $23 Million Through Land Sales Amid Crisis
Recognised as a Maharatna CPSE under the Ministry of Power, REC Limited has signed agreements worth ₹588 crore with Damodar Valley Corporation (DVC) to improve 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 Ministry of Power said in a statement.
The agreement was signed by Santosh Kumar Sahu, Senior Chief Project Manager, REC Regional Office, Kolkata, and Durgesh Maity, Senior General Manager (Finance), DVC, in the presence of S. Suresh Kumar, Chairman and Managing Director of DVC, and members of DVC's technical, finance, and administrative teams.
The agreements signed underscore the collaborative efforts of both organizations in promoting sustainable development and leveraging resources for the greater benefit of the community. REC and DVC remain steadfast in their dedication to fostering innovation, efficiency, and excellence in the energy sector, driving positive change and prosperity for all stakeholders involved.
DVC, a public sector undertaking under the Ministry of Power, plays a crucial role in power generation and transmission in the eastern region of India. REC, recognized as a 'Maharatna' CPSE and a registered Non-Banking Finance Company (NBFC) with the RBI, supports infrastructure development across the power sector, including renewable energy and new technologies like Electric Vehicles and Green Hydrogen.
With a loan book standing at ₹4.97 lakh crore and a net worth of ₹64,787 crore as of December 31, 2023, REC continues to contribute strategically to the government's flagship schemes in the power sector.
Also Read : Union minister chairs meeting on green hydrogen for steel sector transition Cabinet approves ₹1.26 lakh crore investment in three semiconductor facilities
September futures for iron ore, the most traded on the Dalian Commodity Exchange, for the period Mar...
Ferrous 03-Apr-2024
China will continue regulating steel production in 2024. The National Development and Reform Commiss...
China 04-Apr-2024
DP World has signed multiple Memorandums of Understanding (MoUs) worth INR 25,000 crores (INR 250 bi...
Logistics 11-Jan-2024
🔹 SAIL to commission a 4 million MT coking coal block by H2 2026.🔹 Move to reduce reliance on impo...
Business 24-Mar-2025
The Central Electricity Authority (CEA) has proposed a draft plan to invest ₹4.75 trillion by 2027 t...
Business 27-Jan-2024
Panasonic's battery business must focus on boosting productivity, according to the group CEO Yuki Ku...
USA 22-Jan-2024