Coal India Forms Green Energy JV With Rajasthan Power Utility

Coal India Ltd. has formed a joint venture to develop renewable energy projects, holding a 74% stake in the newly incorporated company, the Maharatna PSU said in a filing on Thursday.

The balance 26% stake in the joint venture, named CIL Rajasthan Akshay Urja Ltd., is held by Rajasthan Rajya Vidyut Utpadan Nigam Ltd. The company has an authorised share capital of ₹100 million and initial paid-up capital of ₹1 million.

The JV will focus on solar, wind and pumped storage projects mutually agreed upon by the two partners. Coal India will handle power sales from these projects to the Rajasthan utility under provisions of the Electricity Act, 2003. Sales to other entities may be allowed if both partners approve.