Coal India sets up joint venture to promote renewable energy in Rajasthan
Coal mine
In a further effort at sustainability, Coal India has announced a joint venture to add to the renewable energy resources of Rajasthan. This joint venture would be an extension of India's agenda for shifting towards cleaner sources of energy, which would go a long way in propelling the country towards efforts at curbing carbon emissions and ecological responsibility.
About the Joint Venture
Coal India has entered into a joint venture with Rajasthan Rajya Vidyut Utpadan Nigam Ltd (RRVUNL) to pursue renewable energy projects in Rajasthan. Coal India will hold a 74 per cent stake, while RRVUNL will have 26 per cent. The joint venture will be a private limited company with an initial paid-up share capital of Rs 10,00,000 according to a report by the Press Trust of India.
In a filing with BSE, Coal India stated that the public sector Undertaking (PSU) and RRVUNL with have the right to nominate four and two executives as directors of the joint venture respectively. Further, the joint venture company will be incorporated as a private limited company with an initial paid up capital of Rs 10,00,000.
Going ahead, Coal India is expected to make more investments in solar and wind power plants. This will enormously help meet energy demands, particularly from the perspective of adding less damage to the environment.
Brief history of Coal India
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Coal India Limited (CIL) is an Indian central public sector undertaking under the ownership of the Ministry of Coal, Government of India. It is headquartered at Kolkata. It is the largest government-owned-coal-producer in the world.
The PSU contributes around 82 per cent to the total coal production in India. It produced 554.14 million tonnes of raw coal in 2016–17, an increase from its earlier production of 494.24 million tonnes of coal during FY 2014–15 and earned revenues of Rs 95,435 crore (US$11 billion) from sale of coal in the same financial year.
In April 2011, CIL was conferred the Maharatna status by the Government of India, making it one of the seven with that status. As of 14 October 2015, CIL is a PSU owned by the Central Government of India which controls its operations through the Ministry of Coal. As of 14 October 2015, CIL's market capitalisation stood at Rs 2.11 lakh crore (US$25 billion) making it India's 8th most valuable company.
Influence of the Venture
This venture not only makes Coal India a strategic play but also a turning point in India's energy map. It turns focus on a crucial role of renewable energy, in the engagement or thrust of economic growth and energy security.
Further, due to this, commitment towards renewable energy is highly likely to resonate in the minds of global investors who nowadays are increasingly turning towards sustainability. In a world where everybody is shifting towards greener practices, Coal India's proactive approach may also set an example for other firms in the same industry and thus encourage them to open ventures similar to this one.