Coal India forms JV for renewable energy business in Rajasthan

State-owned Coal India on Monday said that it has entered into a joint venture agreement with Rajasthan Rajya Vidyut Utpadan Nigam Ltd (RRVUNL) to undertake renewable energy business in Rajasthan.

While Coal India will have a 74 per cent shareholding in the joint venture, RRVUNL will have remaining 26 per cent.

In a filing to BSE, the Coal India Ltd (CIL) said that the PSU and RRVUNL will have the right to nominate four and two executives as directors of the JV, respectively.

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