Sanctioned capital of Rs 1,33,576 cr
KOLKATA, July 28: Coal India Ltd is advancing 119 projects with a capacity of 896 million tonne per year and a sanctioned capital of Rs 1,33,576 crore, the world’s largest miner said.
These projects, which are at various stages of implementation, are part of CIL’s “proactive strategy” to increase production capacity and meet future coal demands, the company said in its latest annual report.
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Though the mining major did not specify a timeline for the capex, it said the development of these projects involves substantial investments in advanced mining technologies and infrastructure, aimed at enhancing productivity and ensuring sustainable mining practices.
The Kolkata-headquartered company has set an ambitious target of achieving 1 billion tonne of production by 2025-26 to fulfill the nation’s coal demand and support the goal of ‘Atmanirbhar Bharat’.
In the 2023-24 fiscal, its production stood at 773.6 million tonne.
CIL said in 2023-24, one coal mining project with a sanctioned capacity of 20 million tonne and a sanctioned capital of Rs 1,783.09 crore was completed, which demonstrates “our ability to execute large-scale projects within the stipulated time frames”.
During the financial year ended March 31, 16 coal mining projects with a total capacity of 170.46 million tonne per annum (incremental capacity of 85.66 MT) and a total sanctioned capital of Rs 27,087.69 crore were approved, it said.
As part of its comprehensive modernisation strategy, CIL is embracing latest equipment, advanced exploration and assessment techniques, efficient mine planning and development, and optimised extraction processes, the report said.
The company plans to procure high-capacity equipment worth more than Rs 3,700 crore in the next financial year, aiming to bolster coal production capabilities for increased efficiency.
The mining major has set a capital expenditure target of Rs 15,500 crore for the 2024-25 fiscal. In line with its investment plans, CIL intends to allocate a significant portion of funds to diversification projects, including solar power, thermal power plants, revival of fertilizer plants, surface coal gasification (SCG) and coal bed methane (CBM) during the year. (PTI)
