Government to seek World Bank support for Damodar Valley Corporation makeover

KOLKATA: The government will seek multilateral agency World Bank's assistance for a complete makeover of the Rs 7,000-crore Damodar Valley Corporation (DVC).

"We will seek financial and technical support of the World Bank to restructure the organisation (DVC). We have already submitted the detailed project report to the government which will be forwarded to World Bank shortly," a senior DVC official told PTI on condition of anonymity.

"We want a handholding relationship with the World Bank which will involve co-financing our capex plans and introduction of best practices and technology in the corporation ... World Bank's support is expected to come before DVC corporatises itself," he said.

DVC was promoted under DVC Act, 1948, as a statutory organisation jointly owned by West Bengal, Jharkhand and the Centre.

It is struggling for support to keep itself afloat and fuel growth plans. The World Bank assistance is expected to provide a fresh lifeline to DVC for its next phase of growth, the official said.

DVC, which generates 4800 MW in both thermal and hydel and another 2000 MW capacity is under pipeline, plans to foray into solar energy in a big way with World Bank support.

World Bank support is expected to be extended in the existing infrastructure like barrages and dams, flood control and canal irrigation of DVC, the official said.