New Delhi: The State-owned CIL (Coal India Limited) has the potential to invest around Rs 20,000 crore over the next 5 to 7 years to own around 1,500 to 1,600 railway rakes, the government said.
Coal Minister Piyush Goyal said, while addressing an event,”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.”
The government, is also working towards expanding the rail network, he said.
The minister said,”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.”
State-owned Coal India accounts for over 80% of domestic coal output.
The PSU is eyeing one billion tonnes of coal output by FY 2019-20.