Lucknow: Coal India Limited (CIL), a Maharatna public sector enterprise, has entered into a joint venture agreement with Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited (UPRVUNL) to develop renewable energy projects across Uttar Pradesh. The partnership, formalized on July 3, 2026, aims to accelerate clean energy development in the state through large-scale solar, wind, and pumped storage projects.
Major Push Toward Renewable Energy Expansion
The joint venture represents a significant step in Coal India’s diversification into renewable energy and aligns with India’s broader clean energy transition goals. The collaboration between the central public sector company and the state-owned power utility is expected to strengthen Uttar Pradesh’s renewable power infrastructure.
Coal India later informed stock exchanges, including the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE), about the agreement through an official regulatory filing under SEBI’s Listing Obligations and Disclosure Requirements Regulations, 2015.
Project Scope: Solar, Wind, and Pumped Storage
The new joint venture will focus on developing a wide range of renewable energy assets, including:
- Ground-mounted solar power plants
- Floating solar installations
- Wind energy projects
- Pumped storage hydro projects
- Other power generation and power sale-related activities
These projects aim to enhance clean electricity generation capacity in Uttar Pradesh while supporting long-term energy security.
Ownership Structure and Stakeholding
Under the agreement, Coal India will hold a 51% equity stake in the joint venture, giving it majority control, while UPRVUNL will retain a 49% stake.
Key structural details include:
- The joint venture will be incorporated as a private limited company
- Registered office will be located in Lucknow, Uttar Pradesh
- Initial paid-up capital: ₹10 lakh
- Authorized share capital: ₹10 crore
- Five-member board structure
- Coal India will nominate 3 directors and appoint the Chairperson
- UPRVUNL will nominate 2 directors
Both partners will also have the right of first refusal on future share issuances to maintain their ownership proportions. A five-year lock-in period has been included, restricting share transfers during this time unless mutually agreed.
Regulatory Compliance and Transparency
Coal India clarified that the transaction does not qualify as a related-party transaction, as both entities are separate government-owned organizations—one under the Central Government and the other under the Government of Uttar Pradesh.
The disclosure was made by Coal India under Regulation 30 of SEBI (LODR) Regulations, 2015, and submitted by B. P. Dubey, Executive Director (Company Secretary) and Compliance Officer.
Strategic Importance of the Joint Venture
The partnership is part of Coal India’s broader strategy to expand into renewable energy sectors such as solar and wind, reducing dependence on coal-based power generation. It also supports India’s national objective of increasing the share of clean energy in the overall power mix.
About Coal India and UPRVUNL
Coal India Limited (CIL) is a Maharatna public sector enterprise and one of the world’s largest coal producers. It plays a crucial role in meeting India’s energy demand and is now expanding into renewable energy projects as part of its diversification strategy.
Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited (UPRVUNL) is a state-owned power generation company responsible for electricity production in Uttar Pradesh. It manages several thermal and other power projects and is increasingly focusing on integrating renewable energy into its portfolio.
