New Delhi, Sep 23 (PTI) State-owned Coal India on Monday said that it has entered into a joint venture agreement with Rajasthan Rajya Vidyut Utpadan Nigam Ltd (RRVUNL) to undertake renewable energy business in Rajasthan.

While Coal India will have a 74 per cent shareholding in the joint venture, RRVUNL will have remaining 26 per cent.

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In a filing to BSE, the Coal India Ltd (CIL) said that the PSU and RRVUNL will have the right to nominate four and two executives as directors of the JV, respectively.

The joint venture company will be incorporated as a private limited company with an initial paid-up share capital of Rs 10,00,000.

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(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)