Mahanadi Coalfields (MCL), a subsidiary of Coal India, has launched a Rs 64,900 crore investment plan spanning thermal power, renewable energy, and coal-to-chemical ventures, as part of its diversification and decarbonisation strategy.

According to Chairman-cum-Managing Director Uday A. Kaole, the largest share, Rs 40,000 crore is allocated for developing a 4,000 MW thermal power plant in collaboration with Coal India and Odisha's Energy Department. In the renewables sector, MCL plans a 2,000 MW ground-mounted and floating solar plant with an investment of Rs 12,000 crore, a 500 MW pumped storage facility at Rs 5,000 crore, and a 100 MW wind power plant estimated at Rs 900 crore.

Further, the company will establish a coal-to-ammonium nitrate plant with a capacity of 6,00,000 tonne annually, requiring Rs 11,782.05 crore in partnership with BCGCL and Odisha’s Industries Department. MCL has already installed 52 MW of ground-mounted and 2.5 MW of rooftop solar capacity. It aims to achieve a "net zero" carbon emission target of 182 MW by FY29. These initiatives support MCL’s broader transition towards sustainable energy and downstream coal-based industries.