CIL board nod to entry into aluminium, solar sectors

CIL board nod to entry into aluminium, solar sectors

Representative image: iStock Photo

State-owned Coal India on Thursday said its board has given in-principle approval for venturing into aluminium and solar sectors and creation of special purpose vehicles (SPVs).

Coal India (CIL), which accounts for over 80 per cent of domestic coal output, has expertise in mining.

"CIL Board in its Meeting held on date, accorded its 'In-Principle' approval to venture into aluminium value chain (mining-refining-smelting) and solar power value chain (ingot-wafer-cell-module and generation)," the PSU said in a filing to BSE.

The board also approved creating SPVs, subject to obtaining concurrence from Niti Aayog, DIPAM and after completion of feasibility studies and business analysis.

The feasibility analysis has to be conducted for the solar power value chain business vertical at CIL, new and renewable energy (non-conventional) business vertical and integrated aluminium complex -- a greenfield project by CIL subsidiary Central Coalfields Ltd, it added.