Coal India and UPRVUNL Form Joint Venture for Green Energy in UP
Kolkata/Lucknow, July 2026: Coal India Limited (CIL) and Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited (UPRVUNL) have signed a joint venture agreement to build renewable energy projects across Uttar Pradesh. This partnership marks a major step forward in boosting clean energy in the state.
The agreement was signed on July 3, 2026. Coal India later shared the news with stock exchanges, including the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
Under the deal, the new joint venture company will focus on creating a variety of clean energy projects. These will include ground-mounted solar plants, floating solar setups, pumped storage systems, and wind energy projects. The company will also handle power sales and related business.
Coal India will hold a 51% stake in the venture, while UPRVUNL will own the remaining 49%. This gives Coal India management control of the new company.
The venture will be registered as a private limited company based in Lucknow, Uttar Pradesh. It will start with an initial paid-up capital of ₹10 lakh and an authorized share capital of ₹10 crore.
The company's board will have five directors. Coal India will choose three directors and has the right to name the Chairperson, while UPRVUNL will appoint the other two directors.
Both partners will have the first right to buy any new shares issued in the future, helping them keep their original ownership percentages. There is also a five-year lock-in period, meaning neither side can transfer their shares during this time unless allowed by the agreement.
Coal India clarified that this is not a related-party transaction. Both partners are separate government-owned entities—Coal India is a Central Government enterprise, while UPRVUNL runs under the Uttar Pradesh State Government.
This partnership fits into Coal India's larger plan to expand into renewable energy and support India's shift toward cleaner power.