Coal India Ltd(CIL) and Damodar Valley Corporation have formally incorporated a joint venture company on Friday, March 27, with equal shareholding.

Under the agreement, CIL and DVC will each hold 50% equity in the JV, with an initial capital comprising 50,000 equity shares of ₹10 each, the filing said. The incorporation follows approvals from the Department of Investment and Public Asset Management (DIPAM) and the Ministry of Coal.

The new entity, DVC CIL Power Private Ltd, was registered on 27 March 2026 with Corporate Identification Number (CIN) U35102WB2026PTC287644, the filing showed.

The venture falls within the energy sector and is designed to collaborate on power generation and related businesses. Its mandate includes planning, research, design, construction, operation and maintenance of power projects across thermal, hydro, and renewable energy segments, stated the exchange filing.

It will also explore power transmission and distribution systems under various models, and commercial utilisation of by‑products such as fly ash and silica.

The JV has been capitalized through 50,000 equity shares of ₹10 each, with an equity infusion of ₹3,132.96 crore comprising 30% cash and 70% debt. Coal India and DVC each hold 50% of the shares.

Earlier in the day, Coal India said it would invest around ₹3,300 crore to set up eight new coking coal washeries to improve coal quality and reduce import dependence. The new washeries, with a combined capacity of 21.5 million tonnes per year, are expected to be operational by FY2030, the state-run miner said in a press release. Of the total, five washeries with a capacity of 14.5 MTY will be set up under Central Coalfields Ltd, while three units with a capacity of 7 MTY will be developed under Bharat Coking Coal Ltd.

Shares of Coal India Ltd ended marginally higher on Friday, March 27, by 0.30% at ₹445.05 on the NSE.