SBI sanctions ₹10,050 cr to DVC’s proposed 1600 MW ultra super critical thermal power project in Jharkhand
State Bank of India (SBI) has sanctioned ₹10,050 crore to Damodar Valley Corporation (DVC) for its ultra super critical thermal power project of 1600 MW (800*2 MW) to be set up at Koderma, Jharkhand.
The Ministry of Power has identified this project as one of the projects for capacity addition by 2030, India’s largest bank said in a statement..
DVC is India’s first multipurpose river valley project, which was established by a Central Statute — Damodar Valley Corporation Act, 1948 – Act XIV of 1948 (DVC Act) as a statutory corporation .
The Government of India, and the Government’s of West Bengal and Jharkhand (erstwhile Bihar) have jointly contributed to the capital of DVC..
The functions of DVC are power generation (both, hydel and thermal), distribution and transmission, flood control, irrigation, water supply, drainage, eco-conservation and afforestation, and social and economic upliftment of the Damodar Valley region, spread across 24,235 sq km in Bihar (now Jharkhand) and West Bengal, per a CareEdge report.
As on December 31, 2022, DVC had a generation capacity of 6,687.2 MW MW (6,540 MW thermal and 147.2 MW hydel).
The loan agreements were exchanged in the presence of State Bank of India’s Managing Director (Corporate Banking & Subsidiaries) Ashwini Kumar Tewari, Deputy Managing Directors (Commercial Clients Group) Gulshan Malik and Amitava Chatterjee, and DVC’s Member Finance Arup Sarkar, ED (Finance) Joydeep Mukerjee, and Chief General Manager (Finance) Durgesh Maiti,