Coal India Expands Green Energy Push with New Renewable Energy Joint Venture in Uttar Pradesh
Coal India Ltd. has taken another significant step towards clean energy diversification by signing a joint venture agreement with Uttar Pradesh Rajya Vidyut Utpadan Nigam Ltd. (UPRVUNL) to develop renewable energy projects across Uttar Pradesh.
Under the partnership, Coal India will hold a 51% stake, while UPRVUNL will own the remaining 49%. The new private limited company will be established with an initial paid-up capital of ₹10 lakh and an authorised share capital of ₹10 crore, with its registered office located in Lucknow.
The joint venture will focus on developing ground-mounted solar, floating solar, wind, pumped storage and other renewable energy projects, along with power sales and related business activities. The company will be managed by a five-member board, with Coal India appointing three directors, including the chairperson, and UPRVUNL nominating the other two directors.
To maintain their ownership structure, both partners will have pre-emptive rights in future share issuances, while the shareholding will remain locked in for five years as per the agreement. The partnership is not a related-party transaction and reflects Coal India's continued strategy to diversify beyond coal by expanding its presence in India's fast-growing renewable energy sector.