To reduce India's dependence on imported thermal coal, state-owned Coal India Limited was eyeing development of domestic reserves, CIL's interim Chairman and Managing Director Gopal Singh said Thursday.
Imports accounted for 23% of India's coal supply in fiscal 2016-2017, running from April-March, he said at the annual general meeting of CIL shareholders.
India's coal-based power generation capacity was expected to rise from 125 GW in 2012 to 330-441 GW by 2040, which will require fast development of domestic reserves, he said.
Coal production had increased substantially in the last three years, resulting in a reduction in imports and foreign exchange savings of Rupees 259 billion ($4 billion), he pointed out.
India's thermal coal imports have fallen from 174 million mt in fiscal 2014-2015 to 149 million mt in 2016-2017, according to CIL data.
During fiscal 2016-2017, CIL produced 554.14 million mt of coal, down from its target of 600 million mt.
