Gainwell Engineering on Monday said it will invest Rs 500 crore to manufacture coal mining equipment, with license from global heavy equipment major Caterpillar, in West Bengal. The company said it entered into a technology licensing agreement with Caterpillar, which will enable it to manufacture equipment to support the growing coal production in India and for the global markets.
Coal India will incur a capex of Rs 40,000-50,000 crore over the next 4-5 years and a large chunk of the investment would be in procurement of mining equipment.
