State-owned mining company Coal India (NSE:COALINDIA, BOM:533278) has incorporated a joint venture company in India, named CIL Rajasthan Akshay Urja, according to a Thursday filing to the Indian stock exchanges.
The new entity has been formed to execute the joint venture agreement signed between Coal India and Rajasthan Rajya Vidyut Utpadan Nigam for the renewable energy business in Rajasthan, India.
It will develop, construct, and operate the solar power projects, PSP projects, and wind power projects, among others.
The Coal India holds a 74% stake in the new company, while Rajasthan Rajya Vidyut Utpadan holds a 26% stake.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.