Coal India Ltd (CIL) plans to invest Rs 57,000 crores in the next five years to double its coal production to one billion tonnes, power and coal state minister Piyush Goyal told parliament.
The state-run coal major plans to ramp up investments and production in stages to reach the billion tonne mark by 2019-20 from the current 494.80 tonnes, he said.
The minister said the production target was missed in in 2013-14 by about 20 million tonnes, but the shortfall had been covered in the next year.
In 2014-15, production of CIL actually increased by 32 million tonnes, 128% more than target thereby covering the gap of 7 million tonnes in production of the previous year 2013-14, he said.
The minister further stated that the increase of 32 million tonnes in actual production achieved by CIL in 2014-15 was more than the cumulative increase in production for the previous 4 years of 31 million tonnes.