Coal minister Piyush Goyal on Tuesday said that state-owned Coal India Limited is considering to invest around Rs 20,000 crore to become self-sufficient in coal movement over the next five to seven years to own around 1,500 to 1,600 railway rakes.
“Coal India has shown interest in not depending on Indian Railways for its coal movement. They are working on a plan to invest Rs 20,000 in the next five to seven years, which will make them to own as much as 1500-1700 rakes,” Goyal said.
“I believe that Coal India itself has taken a decision that in next five to seven years they want to be totally self-sufficient in theirs rakes and wagons…We believe that there is a potential that Coal India (CIL) will land up investing nearly Rs 20,000 crore and will own some 1,500 or 1,600 rakes entirely on their own so that they are independent,” Coal Minister Piyush Goyal said while addressing an event here.
The government, he said, is also working towards expanding the rail network.
“Coupled with all these 14 new lines and expansion that we are doing, we will be adding an ability to move much larger volumes and the freight corridor which we are focusing to implement on fast-track basis,” the minister said. The minister was speaking during an event here.
State-owned Coal India accounts for over 80 percent of domestic coal output.
The PSU is eyeing one billion tonnes of coal output by FY2019-20.