Coal India Limited (CIL) has approved the incorporation of a Joint Venture Company with U.P. Rajya Vidyut Utpadan Nigam Limited (UPRVUNL) to develop renewable energy projects in Uttar Pradesh. The joint venture aims to undertake development, construction, operation, and maintenance of renewable energy projects, including solar, wind, and pumped storage projects. CIL will hold a 51% equity stake in the joint venture, with UPRVUNL holding the remaining 49%.
Joint Venture Approved
Coal India Limited’s (CIL) Board has approved the incorporation of a Joint Venture Company with U.P. Rajya Vidyut Utpadan Nigam Limited (UPRVUNL). This collaboration focuses on the development of renewable energy projects within the state of Uttar Pradesh.
Project Focus
The joint venture is set to develop, construct, operate, and maintain various renewable energy projects. These include, but are not limited to, solar power, floating solar power, pumped storage projects (PSP), and wind energy initiatives within Uttar Pradesh. The venture will also focus on the sale of power generated, complying with applicable laws and policies.
Equity Structure
The equity investment structure will see Coal India Limited holding a controlling stake of 51%. U.P. Rajya Vidyut Utpadan Nigam Limited (UPRVUNL) will hold the remaining 49% equity stake.
Financial Details
The cost of subscription for the shares is ₹10 per equity share, with an initial investment of ₹51,000 from Coal India.
Timeline
The name and date of incorporation of the subsidiary shall be intimated in due course.
Source: BSE
