In an exchange filing on Friday, July 3, Coal India said the JV will focus on setting up ground-mounted solar, floating solar, pumped storage, wind and other renewable energy projects in the state. The venture will also undertake the sale of power and related business activities.
Coal India will hold a 51% stake in the joint venture, while UPRVUNL will own the remaining 49%.
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The joint venture company will be incorporated as a private limited company with an initial paid-up capital of ₹10 lakh and an authorised share capital of ₹10 crore. Its registered office will be located in Lucknow, Uttar Pradesh.
The board of the joint venture will comprise five directors, with Coal India nominating three directors, including the chairperson, and UPRVUNL appointing the remaining two directors.
The agreement also provides pre-emptive rights to both partners for any future share issuances to maintain their respective shareholdings. Shares will remain locked in for five years, subject to the terms of the joint venture agreement.
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Coal India clarified that the agreement does not constitute a related-party transaction, noting that Coal India is a Central Public Sector Enterprise while UPRVUNL is a State Public Sector Enterprise.
Shares of the company ended nearly flat at ₹439.15 ahead of the business update on Friday. The stock has gained 10% so far in 2026.
