Coal India establishes renewable energy subsidiary in Rajasthan

Coal India Limited (CIL) has informed the Bombay Stock Exchange and National Stock Exchange of India about the incorporation of its subsidiary, CIL Rajasthan Akshay Urja Limited. The new entity will focus on renewable energy projects within Rajasthan, aligning with a joint venture agreement between CIL and Rajasthan Rajya Vidyut Utpadan Nigam Limited (RRVUNL). The subsidiary has an authorized share capital of INR100,000,000 and an initial paid-up capital of INR1,000,000, with CIL contributing INR740,000 and RRVUNL contributing INR260,000. CIL Rajasthan Akshay Urja Limited will develop, construct, and operate solar power, pumped storage, and wind power projects, and sell the generated power to RVUNL or other mutually agreed entities. The Ministry of Coal has already approved the formation of this joint venture, signalling a strategic move by Coal India into sustainable energy sources.