CIL Considering Name Change As It Steps Into Renewable Energy Operations
Coal India (CIL), one of the country’s oldest public enterprises, is considering removing ‘Coal’ from its name as its business operations changing with its energy transition roadmap.
CIL is the second-big coal mining corporation in the world may go through a rebranding process that includes a name change. According to sources, the corporation and the Ministry of Coal have decided to change the name of CIL to CIL Energy India to represent the company’s future commercial aspirations outside of coal mining and to look at future prospects to adapt to various renewable resources such as Solar Energy.
PM Prasad, the chairman of Coal India, stated that CIL signed three Memorandums of Understanding (MoU) with BHEL, GAIL and IOCL for the purpose of engaging in the coal-to-chemical business employing surface coal gasification, which is intended to be carried out jointly through joint venture (JV) businesses. CIL has also established JVs with prominent entities such as the National Thermal Power Corporation (NTPC) and Rashtriya Chemicals and Fertilisers (RCF).
CIL proposes the construction of two thermal power plants near Amarkantak, one is being established as a joint venture with the Madhya Pradesh government, according to the Ministry of Coal.
The dry-fuel miner stated that these alliances seek to reduce the technological and financial risks connected with diversification projects while also utilising the knowledge of its business partners. In its pursuit of overseas assets, CIL is currently identifying suitable opportunities for mergers and acquisitions, the management informed its shareholders in its latest annual report. The business’s aim to ensure a consistent supply of these important minerals for India’s Atmanirbhar mission is reflected in the strategic move.
