Recently, Coal India Limited (CIL) announced forming two wholly-owned subsidiaries for undertaking solar photovoltaic manufacturing and renewable energy projects.
In a BSE filing, the company informed that CIL Solar PV Limited has been incorporated for manufacturing in the solar value chain (ingot-wafer-cell-module) and CIL Navikarniya Urja Limited has been formed for renewable energy projects.
The company had previously announced that it would invest ₹56.50 billion ($763 million) by March 2024 to develop 14 solar projects to help power its mining operations. Also, it had announced that it would fund nearly two-thirds of the total capacity of 3 GW of rooftop and ground-mounted solar projects. The company had decided to enter into a joint venture with NLC India and fund the rest of its solar expansion plans.
The company’s board had earlier approved the creation of a special purpose vehicle to set up an integrated solar wafer manufacturing facility to boost the solar value chain. It will also set up an integrated aluminum complex — a greenfield project of Central Coalfields Limited, a CIL subsidiary.