Damodar Valley Corp likely to float IPO

Kolkata: The Rs 4,300-crore Damodar Valley Corporation (DVC), created under the DVC Act of 1948, mulls to corporatise itself in order to hit the capital market with an IPO in the not too distant future. DVC is exploring the possibility of an organisation revamping so as to create one or more companies under the corporation. The corporation will shortly appoint a consultant to suggest the measures to take it via to the IPO. Following an in-principle clearance from the board of directors which include nominees of three stakeholders, the West Bengal, Jharkhand governments and the Centre - recently, DVC has already shortlisted two such consultants of international repute. DVC was created in the line of Tennessee Valley Corporation in the US primarily to control the devastating floods in Damodar valley and use the water resources for socially gainful purposes.