Western Coalfields (WCL), a subsidiary of State-owned Coal India Ltd, have finalized a capital investment of a massive Rs 6,280 crore in a phased manner till 2019-20.
Of that, a major portion of investment of Rs 3,486 crore stretching from 2015-16 to 2019-20 would be used on land acquisition, moneycontrol.com reported.
Installation of plant and machinery would cost around Rs 2,032 crore, the website reported.
WCL has also marked another Rs 242 crore for exploration, Rajiv Ranjan Mishra, Chairman and Managing Director said.
As per revised estimates, for opening new mines, Rs 850 crore is being spent on land acquisition during the current fiscal year. An additional Rs 350 crore is being spent on plant and machinery this year, Mishra told PTI.
Western Coalfields posted an operating profit of Rs 115.61 crore in the last financial year. The company is in a turn-around mode after running up losses for three consecutive years from 2011 to 2014, moneycontrol.com reported.
In 2009-10, the company pulled off a record production of 45.47 million tonnes, but the output dropped to 39.73 million tonnes the next year, said moneycontrol .