State-owned miner Coal India (CIL) has chalked out a whopping Rs 59,400 crore capex programme for the current Five Year Plan period ending March, 2017 including Rs 25,000 crore for overseas acquisitions.
”...the envisaged capital investment in the XII (12th) Plan of CIL is Rs 24,400 crore for the period 2012-17, in addition an amount of Rs 25,000 crore is also envisaged for acquisition of assets abroad and Rs 10,000 crore for development of coal block in Mozambique,” Minister of State for Coal Prakashbabu Patil said in Rajya Sabha.
Patil said that as per the approved Budget Estimates for the Annual Plan 2012-13, the capital investment of CIL is Rs 4,275 crore for achieving a coal production target of 464.10 million tonnes and dispatch target of 470 million tonnes.
“In addition, a budget provision of Rs 5,000 crore has been made for acquisition of assets abroad and Rs 500 crore development of coal block in Mozambique (for 2012-13),” he said.
To a separate question, Patil said though CIL does not hand-over the responsibility of coal production to private companies, some production-related operations are carried out through hiring of equipment by CIL and its subsidiary.