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Coal India Ltd (CIL), a state-run coal company, is diversifying into aluminium manufacturing and solar power generation as it seeks decarbonization.
Two officials familiar with the matter stated that the company is still waiting for clearances to proceed with its integrated greenfield aluminium project in Odisha.
In addition, CIL Navikarniya Urja Ltd was established as a subsidiary in the company’s venture into renewable energy.
Coal India intends to reach 3,000 MW of solar power capacity by FY30. CIL had 8.436 MW renewable energy capacity as of 22 January.
According to the officials, it will invest in solar power and gasification, but it will not support other diversification projects. It will primarily support infrastructure, land and capital infusions from its partners. One of the officials stated that the partners would also provide the technology necessary to start new businesses.
The major state-owned company is also taking part in pan-India tenders to develop solar power projects. This will help it achieve its goal of becoming an energy company that is net-zero.