Coal India to invest in 26 projects in new business areas, plans to tie up with private companies

Coal India plans to invest Rs 1.43 lakh crore in 26 projects in new business areas. The new business areas will include solar wafer manufacturing, a greenfield aluminium project along with brownfield aluminium projects in a joint venture with NALCO, solar generation projects, and thermal power plants.

CNBC-TV18 Learns that the company has received approvals from NITI Aayog, DIPAM for the solar water manufacturing and the greenfield aluminium projects. The company has already prepared a draft market assessment report and plans for a special purpose vehicle (SPV) and aims to float tender for the JV by Q2 of FY22.

The company plans to incorporate SPV where it will seek private partners and bid will be on the lines of the UMPP (Ultra mega power project) model where CIL will retain a 26 percent equity stake for both 10 GW solar manufacturing and 1 million tonnes per annum refinery and 0.5 MTPA smelter proposed for the aluminium greenfield project. Rs 26,000 crore is proposed for solar water manufacturing and Rs 38,000 crore for aluminium smelting greenfield project by Coal India.

It also plans to participate in the solar energy corporation of India’s (SECI) for solar power generation projects in a JV with Neyveli Lignite Corporation once it gets approval.

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