Coal India to own 1,500 railway rakes in 7 years, expand rail network, says Piyush Goyal

New Delhi: The government on Tuesday said state-owned Coal India Ltd (CIL) has the potential to invest around Rs 20,000 crore over the next five to seven years to own around 1,500 to 1,600 railway rakes. “I believe that Coal India itself has taken a decision that in next five to seven years they want to be totally self-sufficient in theirs rakes and wagons…We believe that there is a potential that Coal India (CIL) will land up investing nearly Rs 20,000 crore and will own some 1,500 or 1,600 rakes entirely on their own so that they are independent,” Coal Minister Piyush Goyal said while addressing an event here. [caption id=“attachment_4215463” align=“alignleft” width=“380”]  File image of Union minister Piyush Goyal. Image courtesy: PIB[/caption] The government, he said, is also working towards expanding the rail network. “Coupled with all these 14 new lines and expansion that we are doing, we will be adding an ability to move much larger volumes and the freight corridor which we are focusing to implement on fast-track basis,” the minister said. The minister was speaking during an event here. State-owned Coal India accounts for over 80 percent of domestic coal output. The PSU is eyeing one billion tonnes of coal output by FY2019-20.