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Coal India Forms Subsidiaries for Solar PV Manufacturing Projects

Coal India (CIL) has recently announced forming two wholly-owned subsidiaries for undertaking solar photovoltaic manufacturing and renewable energy projects.

 

CIL Solar PV has been incorporated for manufacturing in the solar value chain such as ingot-wafer-cell-module, while CIL Navikarniya Urja has been formed for renewable energy projects.

 

The company had earlier announced that it would invest Rs 56.50 billion (USD 763 million) by March 2024 to develop 14 solar projects to help power its mining operations.

 

The company had also announced it will fund nearly two-thirds of the total capacity of three GW rooftop and ground-mounted solar projects. The company had decided to enter into a joint venture with NLC India and fund the rest of its solar expansion plans.

 

It also received approval from its board to venture into solar power and aluminum value chain. It will also set up a greenfield integrated aluminum complex of Central Coalfields.

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