Coal India Ltd (CIL) has incorporated two new subsidiaries for its proposed foray in the renewable energy business.
In a stock exchange communication, Coal India Ltd said that it has freshly incorporated two new wholly-owned subsidiaries that will mark the company’s diversification in the renewable energy business.
The first subsidiary “CIL Solar PV Ltd” will be engaged in the solar manufacturing value chain – from ingot to wafer to cell to module.
The second subsidiary “CIL Navakarniya Urja Ltd” will look at the renewable energy business. Though CIL did not specify the exact scope of activity, it is learnt that this company will be CIL’s developer arm for renewable energy projects.
CIL had earlier communicated that the company’s board, in its meeting held on February 11, 2021, had approved the formation of the two aforementioned subsidiaries, subject to approval from Government of India.
(Featured photograph is for illustration only)
