Coal India (CIL) announced that it has executed a memorandum of understanding (MoU) with Rajasthan Rajya Vidyut Utpadan Nigam (RRVUNL) for securing power to meet the growing energy demand of Rajasthan.
RRVUNL is a state government undertaking under the Energy Department, Government of Rajasthan.Under this MoU, initially the focus shall be to explore the possibilities of setting up of 4100 MW projects through a joint venture (JV) company to be constituted between RRVUNL and CIL, across the five identified Projects viz. Pit-head thermal power project, solar projects at solar parks, pumped storage projects, solar projects at existing TPPs and wind projects.
Further, any additional opportunities, which the parties mutually agree to collaborate, would also be covered under the purview of the MoU.
As an initial step, CIL shall be undertaking pre-feasibility studies of the above project to establish viability of the projects.
Coal India is a coal mining company engaged in the production and sale of coal. As of 31 December 2023, the Government of India held 66.13% stake in the company.
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The companys consolidated net profit jumped 17.80% to Rs 9,093.69 crore on 2.79% increase in revenue from operations to Rs 36,153.97 crore in Q3 FY24 over Q3 FY23.
The scrip fell 0.67% to trade at Rs 455.05 on the BSE.
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