Union Minister of Coal and Mines Pralhad Joshi has announced that Coal India Limited will invest over Rs 1.22 lakh crore in 500 projects by FY 23-24
To achieve one billion tonnes (BT) coal production by FY 2023-24 and make the nation “Aatmanirbhar” in coal, Coal India Ltd (CIL) will invest over Rs 1.22 lakh crore in about 500 projects related to coal evacuation, infrastructure, project development, exploration and clean coal technologies. Union Minister of Coal and Mines Pralhad Joshi said on Tuesday while addressing a Stakeholders Meet organised by CIL through video conferencing.
“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,” said Joshi.
Out of the proposed spend of over Rs 1.22 lakh crore, CIL has planned to invest Rs 32,696 crore on coal evacuation, Rs 25,117 crore on mine infrastructure, Rs 29,461 crore on project development, Rs 32,199 on diversification and clean coal technologies, Rs 1,495 crore on social infrastructure and Rs 1,893 crore on exploration works by FY 2023-24.
Addressing the stakeholders, Joshi said that avenues for business opportunities with CIL are huge. The company would be investing around Rs 14,200 crore by FY 23-24 in two phases for its 49 First Mile connectivity projects. First Mile connectivity is the transportation of coal from pitheads to dispatch points. This will make coal transportation and computer-aided loading more efficient. Similarly, in a transformative plan to increase coal output and reduce import dependency of coal in the ensuing years, CIL has identified 15 greenfield projects to operate through MDO mode that would entail a total investment plan of about Rs 34,600 crore, out of which likely investment ending in FY 24 will be about Rs 17,000 crore.
For evacuation infrastructure, investments in rail logistics like developing major railways (about Rs 13,000 crore), railway sidings (about Rs 3,100 crore) and procurement of own wagons (Rs 675 crore) would total up to a likely investment of over Rs 16,500 crore by FY 23-24. “Coal India and its subsidiaries are engaged in procurement of various types of goods, works and services amounting to approximately Rs 30,000 crore per year. This is where the role and importance of stakeholder steps in,” said the Minister.
“Coal India, in its endeavour to procure goods, works and services in fair, transparent and equitable manner, has made numerous updates, changes in its manuals and guidelines for the benefit of vendors and stakeholders to enhance the ‘Ease of Doing Business’ and adherence to principles of transparency,” Joshi added.
Secretary (Coal) Anil Kumar Jain, CMD CIL Pramod Agarwal and other senior officials from the Ministry of Coal and CIL attended the meet and interacted with the stakeholders.