Coal India signs JV with UPRVUNL for renewable energy projects in UP
COALINDIA · price
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Coal India has signed a JV agreement with Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited (UPRVUNL) to set up renewable energy projects in Uttar Pradesh including ground-mounted solar, floating solar, pumped storage and wind projects. The joint venture company will be a private limited company based in Lucknow with shareholding of CIL 51 percent and UPRVUNL 49 percent. Initial paid-up capital is INR 10 lakh and authorised capital is INR 10 crore. CIL will nominate 3 of 5 directors including the Chairperson. A 5-year lock-in applies to share transfers.
Marks Coal India's entry into renewables, diversifying beyond coal. Long-term positive, but near-term financial impact is minimal given small initial capital outlay.