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State-owned CIL will pump in over Rs 1.22 lakh crore on projects related to coal evacuation, exploration and clean coal technologies by 2023-24, to achieve 1 billion tonnes of fuel output target, Coal Minister Pralhad Joshi said on Tuesday.

Out of the proposed spend of over 1.22 lakh crore, Coal India Ltd NSE -0.54 % (CIL) has planned to invest Rs 32,696 crore on coal evacuation, Rs 25,117 crore on mine infrastructure and Rs 29,461 crore on project development by 2023-24, the minister said while addressing a stakeholders' meet organised by the PSU through video conferencing.

He added that the state-owned company will also invest Rs 32,199 on diversification and clean coal technologies, Rs 1,495 crore on social infrastructure and Rs 1,893 crore on exploration works.

The investment of Rs 1.22 lakh crore will be utilised to fund a total of 500 projects, Joshi added.

The company is eyeing 1 billion tonnes of coal output by 2023-24, he said.

"Engagement and involvement of all concerned stakeholders in the company's affairs will reduce and uncover the project risks. Such two-way interactions help pave way for mutually beneficial newer ideas, improvement areas and project-related expectations," the minister said.