REC Ltd signed agreements worth Rs 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).