Strategic Partnership
Coal India Signs Joint Venture with UPRVUNL to Develop Renewable Energy Projects in Uttar Pradesh
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Coal India Limited (CIL) has signed a Joint Venture (JV) Agreement with Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited (UPRVUNL) to establish renewable energy projects across Uttar Pradesh. The JV will focus on ground-mounted solar, floating solar, wind, pumped storage, and other renewable energy projects, supporting India’s clean energy transition.
PRICE-SENSITIVE TRIGGER
Event: Signing of Joint Venture Agreement between Coal India Limited and UPRVUNL.
Type: Strategic Partnership / Joint Venture
Impact: Positive
Immediate Effect: Coal India formally enters into a strategic renewable energy partnership with Uttar Pradesh’s state power utility, expanding its clean energy portfolio through a jointly owned platform.
Key Metrics:
- JV Equity Holding
- Coal India Limited: 51%
- UPRVUNL: 49%
- Initial Paid-up Capital
- ₹10 lakh
- Authorised Share Capital
- ₹10 crore
- Revenue Impact
- Not disclosed.
- Project Investment
- Not disclosed.
Highlight:
- Coal India will hold a majority 51% stake and management control in the proposed renewable energy joint venture.
What Happened ?
Coal India Limited signed a Joint Venture Agreement with Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited on 3 July 2026 for developing renewable energy projects in Uttar Pradesh.
The JV will undertake development of:
- Ground-mounted solar projects
- Floating solar projects
- Pumped storage projects
- Wind energy projects
- Other renewable energy businesses
- Sale of electricity and related commercial activities
The company disclosed the agreement under Regulation 30 of the SEBI Listing Regulations.
Key Details
Joint Venture Structure:
- JV to be incorporated as a Private Limited Company.
- Registered office will be located in Lucknow, Uttar Pradesh.
- Shareholding:
- Coal India Limited: 51%
- UPRVUNL: 49%
Governance:
- Board will comprise 5 Directors:
- Coal India: 3 Directors
- UPRVUNL: 2 Directors
- Coal India will nominate the Chairperson.
Capital Structure:
- Initial paid-up capital: ₹10 lakh
- Authorised capital: ₹10 crore
Shareholder Rights:
- Pre-emptive rights for future equity issuance to maintain ownership proportions.
- Share transfer lock-in period of 5 years, subject to JV agreement terms.
- Shares will be issued after incorporation according to agreed shareholding ratio.
Business Scope:
The JV will develop renewable energy assets including:
- Ground-mounted Solar
- Floating Solar
- Wind Energy
- Pumped Storage Projects
- Other renewable energy businesses
- Power sale and related commercial activities
Note:
- The record operational performance was supported by strong customer response to newly launched premium residential developments in Bengaluru and Gurugram.
Risk Analysis
Summary:
- The project’s financial returns will depend on successful project execution, regulatory approvals, land acquisition, and long-term power procurement arrangements.
Key Risks:
- Renewable projects require multiple statutory approvals.
- Capital expenditure and execution timelines are yet to be disclosed.
- Returns depend on power demand, tariffs, and project commissioning schedules.
Worst Case:
- Delays in approvals, project execution, or power offtake arrangements could postpone commercialization and reduce expected returns.
Risk Level: Medium
Company Commentary
- Coal India and UPRVUNL have signed a JV Agreement for renewable energy development in Uttar Pradesh.
- Coal India will hold 51% ownership and nominate the Chairperson.
- The JV will develop multiple renewable energy technologies and undertake power sale activities.
Official Exchange Filing: Coal India Limited
