Coal India has announced plans to form a joint venture with EDF India, a subsidiary of France's EDF, to develop renewable energy plants across South Asia.
The collaboration will focus on setting up pumped-storage hydropower projects and other renewable energy initiatives in India and neighboring countries, according to a statement made by Coal India on Sunday.
The two companies have entered into a non-binding shareholders agreement to establish the joint venture, Coal India stated.
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.
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