State-run Coal India will establish a joint venture with an arm of France’s EDF to build renewable power plants in South Asian countries. The joint venture between Coal India and EDF India will set up pumped-storage hydropower projects and other renewable energy projects in India and neighboring countries, Coal India said in a stock exchange announcement.
The two companies have signed a non-binding shareholders agreement to form the joint venture, it said.
EDF also signed a joint venture agreement with state-run Indian power company NTPC to set up hydropower projects and explore opportunities in power distribution, an NTPC statement said.
The 50-50 joint venture will set up projects within India and neighboring countries, the statement said.
Shares of Coal India were trading down by 1.19% at Rs 365.40.