Coal India Limited and Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited (UPRVUNL) have signed a joint venture agreement to develop renewable energy projects across Uttar Pradesh, marking a significant step towards expanding the state’s clean energy capacity.
The agreement was signed on July 3, 2026, and the development was subsequently disclosed by Coal India to the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE).
Under the agreement, the proposed joint venture company will undertake the development of a range of renewable energy projects, including ground-mounted solar plants, floating solar projects, pumped storage systems, and wind energy projects. The company will also engage in power sales and related business activities.
Coal India will hold a 51% stake in the venture, while UPRVUNL will own the remaining 49%, giving Coal India management control of the new entity.
The joint venture will be incorporated as a private limited company headquartered in Lucknow, Uttar Pradesh. It will begin operations with an initial paid-up capital of ₹10 lakh and an authorised share capital of ₹10 crore.
The company’s board will comprise five directors, with Coal India nominating three directors, including the Chairperson, while UPRVUNL will appoint the remaining two directors.
According to the agreement, both partners will have pre-emptive rights to subscribe to any future share issuances, enabling them to maintain their respective ownership stakes. The arrangement also includes a five-year lock-in period, during which neither party will be permitted to transfer its shareholding except in accordance with the terms of the agreement.
The partnership reflects the growing focus of both organisations on accelerating renewable energy development and supporting Uttar Pradesh’s long-term clean energy transition.
