Mahanadi Coalfields (MCL) has rolled out its plans to diversify into power generation and will set up a coal-based plant via investment of around Rs 12,000 crore in Odisha.
To this effect, the power purchase agreement with a few states is in the finalisation stage.
The Coal India subsidiary has moved forward by applying to the government for coal linkage for the proposed 1,600 MW coal-fired power plant and the allotment is awaited.
The tentative capacity of the plant would be three million tonne per annum. Further, to foray into the aluminum segment, MCL is in the process of securing the bauxite block allotted to it.
While pursuing a target of 176 MT of coal in FY23, the company is likely to reach an output of 190 MT by the fiscal-end. Moreover, a significant volume of 176.17 MT of coal was despatched to its consumers, an increase of up to 21 percent from the previous year.