The government has approved a Rs. 1 lakh crore diversification plan by state-run Coal India Limited (CIL) to set up two aluminium plants in eastern India and an entire solar module manufacturing value chain, including the country’s first polysilicon facility, to compete with China, two people aware of the development said. Polysilicon is a form of silicon used as a raw material by the solar photovoltaic and electronics industries.
CIL will set up three special-purpose vehicles (SPVs) to develop a Rs 45,500 crore integrated solar wafer manufacturing facility, a Rs 38,000 crore greenfield aluminium project and an aluminium smelting unit with National Aluminium Company Limited (NALCO) costing around Rs 23,400 crore, the officials 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, requesting anonymity.
