Coal India to invest Rs 62.6k cr by FY20 to produce 908 mt

In a bid to augment its output to 908 million tonnes in next five years, Coal India will invest Rs 62,590.50 crore by 2019-20, the government said on Thursday.

"Coal India (CIL) has prepared a <g data-gr-id="18">road-map</g> for achieving a coal production level of about 908 mt in 2019-20 from the current level of production of 494.23 mt," Coal and Power Minister Piyush Goyal said in a written reply to Lok Sabha.

The envisaged investment for meeting the projected production of 908 million tonnes is Rs 62,590.50 crore in five years to 2019-20. The minister said the planned investment would be "met from internal resources of Coal India Ltd".

Goyal further said that the domestic capital expenditure by the state-run firm and its subsidiaries up to June in the current financial year is Rs 1,026.77 crore. Coal India accounts for over 80 <g data-gr-id="22">per cent</g> of the domestic coal production. It missed the production target for the financial year 2014-15 by 3 per cent, recording an output of 494.23 million tonnes.

Meanwhile, funds to the tune of Rs 762 crore are likely to be invested in the underground coal mines in the ongoing fiscal, the government said on Thursday. “Funds likely to be invested in underground mines for the year 2015-16 would be to the tune of Rs 762 crore which is 12 <g data-gr-id="21">per cent</g> of the total <g data-gr-id="20">capex</g> of 2015-16,” Coal and Power Minister Piyush Goyal said in a reply to Lok Sabha.