Coal India plans to diversify into aluminum, solar sectors

The government has approved state-run Coal India Ltd.Asian Metal Copyright The company has a plan to invest Rs 2.Asian Metal Copyright (CIL)'s Rs 1-lakh-crore diversification plan to set up two aluminum plants in the eastern region and an entire solar module manufacturing value chain, including India's first polysilicon facility to compete with China, two people aware of the development said.

CIL will set up three specific-purpose vehicles (SPVs) for an about Rs 45,500-crore integrated solar wafer manufacturing facility, a Rs 38,000-crore green-field aluminum project, and an about Rs 23,400-crore aluminum smelting unit with state-run National Aluminum Company Ltd. (NALCO), they said.

"SPVs have been created for equity participation by private investors and experienced corporate entities from across the globe in the three projects," one of the persons said.

Besides diversification, Coal India will continue expansion of its existing projects to meet country's coal demands. The company has a plan to invest Rs 2.Asian Metal Copyright .Asian Metal Copyright45 lakh crore in next two-three years to expand its business, which includes the Rs 1 lakh crore diversification plan.

.Asian Metal Copyright CIL's Rs 1-lakh-crore diversification plan to set up two aluminum plants in the eastern region and an entire solar module manufacturing value chain, including India's first polysilicon facility to compete with China, two people aware of the development saidAsian Metal Copyright