DVC signs MoU with Rural Electrification Corporation

Damodar Valley Corporation (DVC) today signed an MoU with Rural Electrification Company (REC) for financing ongoing and future projects.

The MoU was signed between DVC chairman Andrew W K Langstieh and REC chairman and managing director P V Ramesh in the presence of senior officials.

The MoU will ensure financing of ongoing and upcoming projects of DVC

on the most competitive terms

for the next

five years, a DVC official said.

"We will approach REC for loan as and when required," DVC chairman Andrew W K Langstieh said.

DVC is

struggling to stay afloat until it is able to hive-off Raghunathpur thermal power project.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)