Damodar Valley Corporation, the first major Multipurpose Integrated River Valley Project of the country conceived in line of Tennessee valley authority (TVA) ,came into existence on July 7,1948 by an Act of Central Legislature.
The mission at the time of its inception was:
- Flood control
- Promotion and operation of schemes for irrigation
- Water supply for industrial and domestic use
- Navigation and drainage
- Generation, transmission and distribution of electrical energy
- Promotion of afforestation and control of soil erosion in valley area
- Promotion of public health, agriculture, industrial, economic and general well being in Damodar Valley.
In keeping with industrialisation in the DVC command area, power generation, transmission and distribution gained priority for providing electricity to the core industries like steel, coal, railways and other industries and consumers through respective State Electricity Board.However,other mandated objectives also received equal importance as part of overall responsibility and Commitment of DVC.
- To establish DVC as one of the largest power majors of eastern India while discharging the Responsibilities of its other objects adequately.
- In order to achieve this goal against the backdrop of the Competitive market Scenario in the power sector, the objectives of the corporation have been redefined.
- Generate more power at lowest possible cost by improving operational efficiencies of the existing plants, rejuvenating old generating units through comprehensive rejuvenating well as by installing new generating plants.
- Transmit, distribute and supply reliable and quality power at competitive tariff.
- Improve the financial health of the corporation by adoption of efficient industrial, commercial and human resource management practices.
- Ensure optimum utilisation of available water resource through effective and efficient management and harness the remaining potential of Damodar basin to the extent possible.
- Fortify measures for environmental protection at plant levels and to continue with the activities of eco-conservation in the valley area.
- Strengthen socio-economic development for the inhabitants of villages neighbouring major projects of DVC.