Coal India Ltd, the world’s largest coal miner, plans to get into solar wafer manufacturing and bid in India’s energy auctions, Reuters reported.
The company’s joint venture with state-run NLC India Ltd plans to invest about 125 billion rupees ($1.73 billion) in solar power projects, with Coal India investing about 60 billion of that by March 2024, Reuters said, citing chairman Pramod Agarwal.
The company plans to keep closing small mines, having already closed 82 mining locations in the three years to March 2020. This has resulted in cuts to its workforce of 18,600 employees, Reuters said.
Nations globally are seeking to introduce renewable power resources to replace carbon emissions from fossil fuels – and coal in particular – which contribute to global warming. India is the world’s second largest consumer of coal behind China, and ahead of both Europe and the United States.