Ministry of New and Renewable Energy (MNRE), Government of India, had allocated 2000 MW of Ultra Mega Renewable Energy Power Parks (UMREPPs) to be developed in the state of U.P. The UMREPPs are to be developed through a SPV in the form of a JV Company between THDC India Limited (THDCIL) and Uttar Pradesh New and Renewable Energy Development Agency (UPNEDA), a department of Government of U.P. Accordingly, a Memorandum of Understanding (MoU) between THDCIL and UPNEDA was signed on 06.08.2020 for formation of a Joint Venture Company, which came to be known as TUSCO Ltd.

TUSCO Limited, the JV Co. of THDCIL and UPNEDA with equity participation of THDCIL and UPNEDA in the ratio of 74:26 respectively, was incorporated on 12th September 2020, as a Public Limited Company under the Companies Act 2013 with Authorized Capital of Rs. 50 Crs. and initial paid up capital of Rs.10 Crs. The Registered Office of the company is situated at 4th Floor, UPNEDA Bhawan, Vibhuti Khand, Gomti Nagar, Lucknow (U.P.).