Coal India to invest INR 38,000 crore in Aluminium smelting Greenfield project

The Indian public sector coal mining and refining company, Coal India projects to invest INR 1.43 lakh crore in 26 projects in new business areas.

The new business areas will incorporate a Greenfield aluminium project along with brownfield aluminium projects in a joint venture with NALCO, solar wafer manufacturing, solar generation projects and thermal power plants.

As per our report, the company has received approvals from NITI Aayog, DIPAM for the solar wafer 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.

Coal India plans to subsume SPV, where it will seek private partners and bid, will be on the lines of the UMPP (Ultra mega power project) model and CIL will retain a 26% 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. However, the coal company has proposed INR 38,000 crore for the aluminium smelting Greenfield project.

Coal India has a vision for an investment of INR 2.69 lakh crore traversing from clean coal technologies and coal mining with a focus on 50% of investment in new business areas.