Coal India gains on plans to invest Rs 1.22 lakh crore by 2023-24

Share of Coal India (CIL) advanced in Wednesday’s early trade after coal minister Pralhad Joshi on Tuesday said the company will invest over Rs 1.22 lakh crore on projects related to coal evacuation, exploration and clean coal technologies by 2023-24, to achieve 1 billion tonnes of fuel output target. The firm is also slated to report its June quarter results later in the day.

The scrip traded 1.84 per cent higher at Rs 135.05 at around 9.26 am (IST), while the benchmark BSE Sensex was almost flat at 38,909 at around the same time.

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 and Rs 29,461 crore on project development by 2023-24.


Joshi further added that the investment of Rs 1.22 lakh will be utilised to fund a total of 500 projects.

In another update, Coal India on Tuesday said it has posted a 7.1 per cent year-on-year growth in coal output at 37.17 million tonnes in August.

The company added that coal off-take increased 9.3 per cent last month compared to the same period a year ago. For the first time in the ongoing fiscal, Coal India has recorded growth in both production and off-take.