REC may link with Damodar Valley for coal mines abroad

New Delhi: Rural Electrification Corporation (REC) and Damodar Valley Corporation may come together to form a joint venture for buying coal mines abroad, a senior company executive from the state-owned power sector lender said today.

'We have got a proposal from DVC for a joint venture to buy coal mines abroad. It is at a very preliminary stage and hence it will be premature to say anything,' the executive said.

Commenting on the memorandum of understanding signed with the Infrastructure Development Finance Company (IDFC) in February, the executive said, 'REC and IDFC will invest Rs 150 crore each in the joint venture that will take up consultancy and funding of power distribution projects. The formal announcement will be made in a month.'