Coal India to invest Rs25,400 crore in 12th Plan to boost production
12 March 2013
Coal India Limited (CIL) has proposed a capital outlay of Rs25,400.00 crore in the 12th Plan period to increase coal production, in order to meet rising fuel needs.
This includes additional investments of Rs18,360.62 crore, including Rs4,484.62 crore in existing mines, Rs11,385.05 crore in ongoing projects, Rs2,490.94 crore in new projects and another Rs7,039.38 crore in non-mining and other projects, minister of state for coal Pratik Prakash Bapu Patil informed the Rajya Sabha in a written reply today.
He said CIL has also proposed an ad-hoc provision of Rs35,000 crore for acquisition and development of coal assets abroad during the 12th Plan period.
Out of this, Rs10,000 crore has been allotted for exploration and development of 2 allotted coal blocks and creation of logistic infrastructure in Mozambique while the balance Rs25,000 crore has been kept for acquisition and development of coal blocks in other countries like South Africa, Indonesia, Australia, USA, Columbia, etc.
The exploration activities are in progress in the allotted two coal blocks in Mozambique, he said. Further, CIL has issued a notice on 27 February 2013 inviting proposals from investment bankers, owners/ representatives for acquisition of coal assets abroad, he added.
The minister said it will not be possible to estimate the quantity of additional annual coal production arising out of investment of Rs35,000 crore as production from coal assets acquired / to be acquired abroad would depend upon the specific production potential of each of such coal block or mine.