Coal India gained 2.17% to Rs 139.15 after the state-run coal miner announced that its board has accorded its approval to venture into aluminium chain and solar power value chain.
Coal India informed that it will set up three specific-purpose vehicles (SPVs) subject to obtaining concurrence from Niti Aayog and DIPAM. The company will set up solar power value chain business vertical, new & renewable energy (non-conventional) business vertical and Integrated Aluminium complex: a greenfield project by Central Coalfields, a subsidiary of Coal India.
Coal India is a coal mining company, which is engaged in the production and sale of coal. As of 30 September 2020, the Government of India held 66.13% stake in the company.
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