Coal India to invest over 1.22 lakh crores on 500 projects by 2023-24: Pralhad Joshi

New Delhi [India], Sep 1 (ANI): With an aim to achieve 1 billion tonnes (BT) coal production by the year 2023-24 and make the nation Aatmanirbhar in coal, National Miner Coal India Ltd (CIL) will invest over Rs 1.22 lakh crores on about 500 projects related to coal evacuation, infrastructure, project development, exploration and clean coal technologies, said Union Minister of Coal and Minster Pralhad Joshi on Tuesday.
Addressing a Stakeholders Meet organised by CIL through video conferencing, he said: "Engagement and involvement of all concerned stakeholders in company's affairs will reduce and uncover the project risks. Such two-way interactions help pave way for mutually beneficial newer ideas, improvement areas and project-related expectations."
The Minister said that avenues for business opportunities with Coal India are huge.
The company would be investing around Rs 14,200 crores by the year 2023-24, in two phases for its 49 First Mile Connectivity projects. The First Mile Connectivity is the transportation of coal from pitheads to dispatch points. This is being done to bring in improved efficiency in coal transport and to undertake computer-aided loading replacing the existing road transport between the two points, he said.
Out of the proposed spend of over Rs 1.22 lakh crores, the CIL has planned to invest Rs 32,696 crores on Coal Evacuation, Rs 25,117 crores on Mine Infrastructure, Rs 29,461 crores on project development, Rs 32,199 on diversification and clean coal technologies, Rs 1,495 crores on social infrastructure and Rs 1,893 crores on exploration works by the year 2023-24.
In a transformative plan to increase coal output and reduce import dependency of coal in the ensuing years, the Coal India has identified a total of 15 greenfield projects to operate through the Mine Developer and Operator (MDO) model that would entail a total investment plan of about Rs 34,600 crores of which likely investment ending financial year 2024 is about Rs 17,000 crores. Evacuation infrastructure is another major area where Coal India will be infusing large sums of money into economy.
Investments in rail logistics like developing major railways (about Rs 13,000 crores) railway sidings (Rs 3,100 crores) and procurement of own wagons (Rs 675 crores) would total up to likely investment of over Rs 16,500 crores by FY 23-24.
The Minister said that Coal India and its subsidiaries are engaged in procurement of various types of goods, Wwrks and services amounting to approximately Rs 30,000 crores per year. (ANI)