Coal India prepares Rs 1L cr plan to diversify into aluminium, solar sectors
The government has approved state-run Coal India Ltd (CIL)’s Rs 1-lakh-crore diversification plan to set up two aluminium 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 aluminium project, and an about Rs 23,400-crore aluminium smelting unit with state-run National Aluminium Company Ltd (NALCO), they said, requesting anonymity.
“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.
