Coal India wants to get involved in the solar energy auctions in India. Coal India has gained popularity in the coal mining industry and it is known as the largest coal miner in the world. Pramod Agarwal revealed that its joint venture alongside NLC India Ltd will be investing about $1.73 billion in solar energy projects.
Coal India will be investing a sum of 60 billion rupees in 2024. The company intends to close small mines and avoid opening coal mines that result in mass hiring. 82 mines were closed by the group before March 2020, which resulted in a decline in its workers.
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Coal as you know, we’re going to lose business in the next two, three decades. Solar will take over from coal slowly as a major energy provider in the coming years. We are just exploring the possibilities where we can invest in solar wafer production, nobody is (currently) there in the country.Agarwal
India has plans to charge customs duties on some solar machines starting from April 2022 as it makes efforts to increase local manufacturing capacity. Agarwal maintained that the reduction in its workforce would result in a reduction in costs.
The periodical wage revisions being implemented will result in increased costs for Coal India. However, the decline in the labor force will have an impact, so the effect of periodical wage revisions may be flat.