State-run Coal India Ltd’s board has approved a pre-feasibility report for setting up an integrated aluminium project in Odisha. The largest coal mining company, had received in-principle approval for venturing into aluminium and solar sectors and creation of special purpose vehicles in December last year,.
“CIL in its board meeting held on date had accorded its in-principle approval to pre-feasibility report for setting up of integrated greenfield aluminium project in Odisha which shall include bauxite mining, alumina refinery, aluminium smelter and associated captive power plant by its wholly owned subsidiary Mahanadi coalfields Limited,” the coal behemoth said in a regulatory filing.
The government has asked Coal India (CIL) to diversify its business and explore prospects in areas like electric vehicles and charging pods.
“CIL must diversify its business and explore prospects in sunrise industries electric charging pods, EVs etc,” according to Coal Ministry’s agenda for 2021-22. It further said that CIL has plans to diversify considering the future restriction on carbon emission which is inevitable.
CIL has chosen new business area for diversification where carbon emission is minimum. The business areas for diversification considered includes solar wafer manufacturing, solar power generation, surface coal gasification and coal bed methane, among others.
Coal India accounts for over 80 per cent of domestic coal output. The PSU is eyeing one billion tonnes of coal output by 2023-24. The firm will pump in over Rs 1.22 lakh crore on projects related to coal evacuation, exploration and clean coal technologies by 2023-24, to achieve 1 billion tonnes of fuel output target, Coal Minister Pralhad Joshi had earlier said. Out of the proposed spend of over 1.22 lakh crore, Coal India has planned to invest Rs 32,696 crore on coal evacuation, Rs 25,117 crore on mine infrastructure and Rs 29,461 crore on project development by 2023-24, the minister had said.