Public sector coal companies to invest Rs 2.5 trn in new biz by 2030: Joshi

Public sector coal companies have made an investment plan of Rs 2.5 lakh crore by 2030 towards "new business", Union Minister Pralhad Joshi said on Tuesday.

The investment will be utilised to increase their capacity and usage of green energy, the Union Minister for Coal and Mines said at a session of Indian Construction and Equipment Manufacturers Association (ICEMA) organised by industry body CII.

"Coal PSUs have made a investment plan of Rs 2.5 lakh crore by 2030 in the new business like developing renewable energy (projects), clean coal technologies and new mine development projects," he said.

They will also increase their respective capacities as well, Joshi said speaking to the players of construction and equipment industry.

The minister further said that India has set an ambitious target to produce over 1 billion tonnes of coal by 2023-24, and construction and equipment industry will play a crucial role in meeting this goal.

As the mining industry aims to increase production of different minerals in the country, the role of the construction equipment (CE) industry would therefore assume greater importance in helping the mining industry meet its goals, Joshi said.

The equipment industry can contribute towards the growth objectives of the mining industry through supplying new-age green machines. These machines would help in performing mining activities more efficiently while helping the mining industry achieve its safety and sustainability goals.

The mining industry uses a range of equipment like dump trucks, large excavators, bulldozers, drag lines etc. for excavation and transportation of coal and minerals.