Coal India and RRVUNL Form Renewable Energy Joint Venture

State-owned Coal India has partnered with Rajasthan Rajya Vidyut Utpadan Nigam Ltd (RRVUNL) to initiate a renewable energy venture in Rajasthan. The joint venture, where Coal India holds a 74% stake, will be structured as a private limited company with a start-up capital of Rs 10,00,000.

State-owned Coal India on Monday announced a joint venture agreement with Rajasthan Rajya Vidyut Utpadan Nigam Ltd (RRVUNL) aimed at undertaking renewable energy business in Rajasthan.

Coal India will hold a 74 per cent stake in the joint venture, with RRVUNL holding the remaining 26 per cent.

According to a filing to BSE, Coal India Ltd (CIL) stated that the two companies will nominate four and two executives respectively as directors for the joint venture.

The new business entity will be incorporated as a private limited company, starting with an initial paid-up share capital of Rs 10,00,000.

(With inputs from agencies.)