Coal India is planning to invest Rs 1.43 lakh crore in new business areas in 26 projects. The new business areas will include the manufacture of solar wafers, a greenfield aluminum project, and a joint venture with NALCO on brownfield aluminum ventures, solar generating projects, and thermal power plants.
The company has received approvals for solar water manufacturing from NITI Aayog, DIPAM and greenfield aluminum projects. The company has already drafted a draught Special Purpose Vehicle (SPV) Business Appraisal Study and Plans and is preparing to float the JV tender by Q2 of FY22. The company plans to include SPV where it will acquire private partners and bid on the UMPP (Ultra Mega Power Plant) model lines where CIL will hold a 26 percent equity interest for both 10 GW solar output and 1 million tonnes per annum refinery and 0.5 MTPA smelter planned for the greenfield aluminum project. Rs 26,000 crore is proposed for the manufacture of solar water and Rs 38,000 crore is proposed by Coal India for the greenfield aluminum smelting plant.
It also plans to engage with Neyveli Lignite Company in a JV with the Indian Solar Energy Corporation (SECI) for solar power generation projects once it gets approval. Coal India plans to commission thermal power projects of over 8,500 MW capacity with Neyveli lignite that is scheduled to be commissioned in Odisha, Madhya Pradesh, Jharkhand, Uttar Pradesh, and Tamil Nadu Nadu during FY22-28.
The company strives to spend Rs 38,000 crore on renewable coal technology as well. In May of this year, CIL is scheduled to float tenders for 4 coal gasification schemes. In addition to coal gasification, in the first quarter of FY22, the company plans to float tenders for 3 coal bed methane projects and 3 coal washeries.
Coal India has a Rs 2.69 lakh crore investment goal stretching from renewable coal and coal mining technology with an emphasis on 50 percent of investment in new industry areas.