Coal India forms JV with RRVUNL for thermal power project

26 Sep 2024 CW Team

Coal India has announced a joint venture agreement with Rajasthan Rajya Vidyut Utpadan Nigam (RRVUNL) to develop a brownfield thermal power project in Rajasthan. The new joint venture company will be established as a private limited entity, with an authorized share capital of Rs 10 crore, comprising 1 crore equity shares at Rs 10 each.

The primary goal of this agreement is to create a 2x800 MW thermal power project at RRVUNL's existing Kalisindh thermal power station. The joint venture will also explore additional thermal power initiatives and renewable energy projects in the region.

Under the agreement, the shareholding structure will consist of 74% for Coal India and 26% for RRVUNL. Both companies will have the authority to nominate directors to the joint venture, with Coal India designating four executives and RRVUNL designating two.

Coal India is a leading coal mining company focused on the production and sale of coal. As of June 30, 2024, the Government of India holds a 63.13% stake in the company.

In its latest financial report, Coal India recorded a 4.1% increase in consolidated net profit, reaching Rs 10,959.47 crore in Q1 FY25, compared to Rs 10,528.03 crore in Q1 FY24. Revenue from operations also rose by 1.59%, amounting to Rs 36,464.61 crore in the first quarter of FY25, up from Rs 35,893.21 crore during the same period last year.

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