Coal India Limited (CIL) has entered into a Joint Venture Agreement (JVA) with U.P. Rajya Vidyut Utpadan Nigam Limited (UPRVUNL) to develop renewable energy projects across Uttar Pradesh. As per the company’s regulatory filing dated July 3, 2026, the partnership is aimed at expanding clean energy capacity and supporting the state’s growing renewable energy needs.
The joint venture company (JVC) will develop a range of renewable energy projects, including ground-mounted solar, floating solar, pumped storage, and wind power projects. The company will also undertake the sale of electricity and other related commercial activities.
The new company will be incorporated as a private limited entity with its registered office in Lucknow, Uttar Pradesh. Coal India will hold a 51% equity stake in the venture, while UPRVUNL will own the remaining 49%. The company will start with an initial paid-up capital of INR 10 lakh and an authorized share capital of INR 10 crore.
The agreement provides for a five-member Board of Directors. Coal India will nominate three directors, including the Chairperson, while UPRVUNL will nominate two directors. The governance structure reflects Coal India’s majority ownership in the venture.
To ensure stability, the agreement includes a five-year lock-in period for share transfers. It also provides pre-emptive rights for future share issuances, enabling both partners to maintain their existing shareholding ratio.
The filing also clarified that the transaction is not a related party transaction because Coal India is a Central Public Sector Enterprise and UPRVUNL is a State Public Sector Enterprise. Shares will be issued after the formal incorporation of the joint venture company.
The partnership is expected to strengthen renewable energy development in Uttar Pradesh and support India’s broader clean energy and sustainable power generation objectives through collaboration between two major public sector companies.
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