Coal India informed that it has entered into a joint venture agreement (JV) with Rajasthan Rajya Vidyut Utpadan Nigam (RRUVNL) to establish brownfield thermal power project in Rajasthan.
The joint venture company shall be incorporated as a private limited company. The authorized share capital of the JVC shall be Rs 10 crore comprising of 1 crore equity shares at Rs. 10/- each.
The companys purpose of this agreement is to establish 2x800 MW brownfield thermal power project in RRUVNL's existing Kalisindh thermal power station. Additionally, the company intends to undertake any other thermal power related projects and engage in renewable energy business in Rajasthan.
The joint venture agreement outlines a shareholding structure of 74% for Coal India and 26% for RRVUNL. Coal India and RRVUNL will each have the right to nominate directors for the joint venture company, with Coal India nominating four executives and RRVUNL nominating two.
Coal India is a coal mining company engaged in the production and sale of coal. As of 30 June 2024, the Government of India held 63.13% stake in the company.
The coal major reported 4.1% rise in consolidated net profit to Rs 10,959.47 crore in Q1 FY25 from Rs 10,528.03 crore in Q1 FY24. Revenue from operations rose 1.59% to Rs 36,464.61 crore in the first quarter of FY25 from Rs 35,893.21 crore recorded in the same period last year.
Shares of Coal India rose 0.53% to currently trade at Rs 503.40 on the BSE.
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