New Delhi: Coal India Limited (CIL) said its board has approved investing Rs 22.20 lakh in a rights issue of CIL Rajasthan Akshay Urja Limited (CRAUL), the company's renewable energy joint venture with Rajasthan Rajya Vidyut Urja Nigam Limited (RVUNL), according to a regulatory filing made to the stock exchanges on Monday.
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CIL will subscribe to 2,22,000 equity shares of Rs 10 each, amounting to Rs 22,20,000, the filing said. It described the consideration as cash for the subscription of equity share capital.
RVUNL will subscribe to 78,000 shares of Rs 10 each, or Rs 7,80,000, taking the total rights issue to Rs 30 lakh. The filing put the resulting shareholding at 74 percent for CIL and 26 percent for RVUNL — the same split as CRAUL's existing paid-up capital of Rs 10 lakh, indicating the subscription maintains the partners' proportional holdings rather than changing control. CIL said the acquisition is to be completed within 30 days of the opening of the rights issue.
CRAUL, which the filing places in the renewable energy industry, was set up to "develop, construct and operate the solar power projects, PSP projects and wind power projects," the filing said, referring to solar, pumped-storage and wind projects. It said the company "will undertake the business of selling the power generated from the projects to RVUNL" under Section 62 of the Electricity Act, 2003, and to state and other distribution companies, third parties and open-market or commercial and industrial customers in India by mutual consent.
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CRAUL was incorporated on June 9, 2025. The venture is among CIL's subsidiaries in which it holds a 74 percent interest.