Coal India Limited (CIL), a Maharatna public sector company, has signed a joint venture (JV) agreement with U.P. Rajya Vidyut Utpadan Nigam Limited (UPRVUNL) to develop renewable energy projects in Uttar Pradesh. The agreement was signed on July 3, 2026, marking a significant step toward expanding clean energy generation in the state through a partnership between a central public sector enterprise and a state-owned power utility.

The joint venture will focus on developing a wide range of renewable energy projects. These include ground-mounted solar power plants, floating solar projects, wind energy projects, pumped storage projects, and other power generation and power sale-related business activities. The partnership aims to strengthen Uttar Pradesh’s renewable energy capacity while supporting India’s transition toward cleaner sources of electricity.

Coal India informed both the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE) about the agreement through an official filing made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The filing was submitted by B. P. Dubey, Executive Director (Company Secretary) and Compliance Officer of the company.

As per the agreement, the joint venture company will be incorporated as a Private Limited Company with its registered office in Lucknow, Uttar Pradesh. Coal India will hold a 51% equity stake, while UPRVUNL will own the remaining 49%, giving CIL a majority share in the venture. The company will begin operations with an initial paid-up capital of INR 10 lakh and an authorized share capital of INR 10 crore.

The governance structure of the joint venture includes a five-member Board of Directors. Coal India will nominate three directors, including the Chairperson, while UPRVUNL will nominate two directors. The agreement also provides pre-emptive rights to both partners for future share issuances to maintain their respective ownership percentages. A five-year lock-in period has also been included for share transfers, subject to the terms of the agreement. The companies have clarified that the transaction is not a related party transaction, as CIL is a Central Public Sector Enterprise and UPRVUNL is a State Public Sector Enterprise, and the agreement has been executed on an arm’s length basis.