NEW DELHI (Reuters) -India’s state-run Coal India will establish a joint venture with an arm of France’s EDF to build renewable power plants in South Asian countries, it said on Sunday.
The joint venture between Coal India and EDF India, will set up pumped-storage hydropower projects and other renewable energy projects in India and neighbouring countries, Coal India said in a stock exchange announcement.
The two companies have signed a non-binding shareholders agreement to form the joint venture, it said.
EDF also signed a joint venture agreement with state-run Indian power company NTPC to set up hydropower projects and explore opportunities in power distribution, an NTPC statement said.
The 50-50 joint venture will set up projects within India and neighbouring countries, the statement said.
(Reporting by Sarita Chaganti SinghEditing by Tom Hogue and David Goodman)
