Mahanadi Coalfields Limited (MCL), a subsidiary of Coal India Limited, is looking to diversify into power generation, and plans to set up a Rs 12,000 crore power plant in Odisha.
It also aims to enter into aluminium business and may soon set up a greenfield aluminium project.
Sources informed that the 1,600 megawatt capacity coal-fired power project would come up in Odisha’s Sundargarh district as a wholly owned subsidiary of MCL.
MCL also plans to enter into the aluminium business, they further said.
The mini ratna company is currently looking to secure a bauxite mine for the purpose.
Coal India’s board in October 2021 had approved a pre-feasibility report for setting up an integrated aluminium project in Odisha.
Earlier, the coal behemoth in December 2020 had got in-principle approval for venturing into aluminium and solar sectors and creation of special purpose vehicles.
Coal India in a regulatory filing in October 2021 had said that the proposed aluminium project would include bauxite mining, alumina refinery, aluminium smelter and an associated captive power plant by its wholly owned subsidiary MCL.