Speed Post News Network
New Delhi : With an objective of achieving 1 billion tonnes (BT) coal production by the year 2023-24 and make the nation Aatmanirbhar in Coal, Coal India Ltd (CIL) will invest over Rs 1.22 lakh crore on about 500 projects related to coal evacuation, infrastructure, project development, exploration and clean coal technologies, said Union Minister for Coal and Mines Pralhad Joshi on September 1, 2020, while addressing a Stakeholders meet organised by CIL through video conferencing.
“Engagement and involvement of all stakeholders concerned 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,” Joshi Said.
Addressing the stakeholders, the Minister said that avenues for business opportunities with Coal India are huge. The company would be investing around Rs 14,200 Crore by the year 2023-24 in two phases for its 49 First Mile Connectivity projects. He added that first Mile Connectivity is the transportation of coal from pitheads to dispatch points. He further said that 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.
Out of the proposed spend of over 1.22 lakh crore, CIL has planned to invest Rs 32,696 crore on Coal Evacuation, Rs. 25,117 crore on Mine Infrastructure, Rs. 29461 crore on Project Development, Rs. 1,495 crore on social infrastructure, and Rs 1,893 crore on exploration works by the year 2023-24.
Further, in a transformative plan to increase coal output and reduce import dependency of coal in the ensuing years, Coal India has identified a total of 15 greenfield projects to operate through Mine Developer and Operator (MDO) model that would entail a total investment plan of about Rs. 34,600 Crore of which likely investment ending financial year 2024 is about Rs. 17,000 Crore.
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 Crore), railway sidings (about Rs 3,100 Crore) and procurement of own wagons (Rs. 675 Crore) would total up to likely investment of over Rs 16500 Crore by FY 23-24.
The Minister said that 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. He added that Coal India in its endeavor to procure goods, works and services in fair, transparent and equitable manner, has made numerous updates, changes in its Manuals and Guidelines for the benefits of vendors and stakeholders to enhance the ‘Ease of Doing Business’ and adherence to principles of transparency, according to a PIB release.