New Delhi: In another major achievement, India’s largest coal producer PSU Coal India Ltd has announced the incorporation of Joint Venture Company between Coal India Limited (CIL) and U.P. Rajya Vidyut Utpadan Nigam Limited (UPRVUNL) for the development of renewable energy projects in Uttar Pradesh.
In the exchange filing, the Board of Coal India Ltd has inter-alia, accorded approval for the incorporation of Joint Venture Company between Coal India Limited (ClL) and U.P. Rajya Vidyut Utpadan Nigam Limited (UPRVUNL) for development of renewable energy projects in Uttar Pradesh. The name and date of incorporation shall be intimated in due course. However, incorporation of JVC is subject to approval by UP Government, DIPAM and Ministry of Coal.
The purpose of the joint venture is to undertake development, construction, operation and maintenance of renewable energy projects (solar, floating solar, PSP, wind and allied activities) in Uttar Pradesh and sale of power as per applicable law or policies. The shareholding of the JV company is 51% of Coal India Ltd (Balance 49% equity stake by U.P. Rajya Vidyut Utpadan Nigam Limited UPRVUNL).