Coal, power, RE plan $250 billion investment in 5 years: Piyush Goyal

New Delhi: Government on May 13, said investments worth USD 250 billion are planned over the next five years in coal, power and renewable energy and it is looking at opening 40-50 new coal mines in 18 months. "The Power, Coal and Renewable energy sectors have plans to invest nearly USD 250 billion in the next five years In the coal sector we are looking at opening nearly 40-50 new mines in the next one and half year," said Coal and Power Minister Piyush Goyal at a seminar here.

Western Coalfields Ltd, an arm of Coal India Ltd, is alone looking at opening around 12 mines in the next 12 months, he said. "On the transmission side, we are looking at nearly a hundred thousand crores worth of new lands being bid out in next six months. All of this will lead to massive investment in coal sector," said Goyal.

He also expressed optimism that a billion tonnes of coal production by Coal India Ltd by 2020 would be achieved. On the conclusion of first round of imported gas subsidy auction, he said, "There were 14 technically qualified bidders and successful bidders are 7-8. Effective tariff is going to be in the region of 4.70 paise or 75 thereabout which is very competitive."

This process has enabled Ratnagiri Power - the Dabol power plant, to also bid successfully and possibly start supplying power, he added. "The LNG facilities can now be used," said Goyal. He added that it is a "win-win situation for India" and a "big thumbs up" to Prime Minister Narendra Modi's vision to provide 24x7 power to every part of the country.