Coal India is foraying into operations besides coal, on obtaining a composite licence for prospecting and mining of graphite, in the Khattali Chhoti Graphite Block in Madhya Pradesh, PTI reported.
"This is the first mineral other than coal for us," the Director of Business Development at Coal India, Debasish Nanda informed PTI.
The state-owned mining company is expected to give a mining premium of 150.05% of the value of minerals dispatched to the state government, PTI reported.
The timeline for the grant of the composite licence is one year and three years for the execution of the mining lease deed.
Coal India has established a special team to look at other critical minerals in India and overseas, dovetailing with the government's goal of an Atmanirbhar Bharat. Graphite has several applications, including in batteries, which becomes of crucial importance in the EV debate.
The company will leverage its coal mining expertise from its unit Central Mine Planning and Design Institute, in the early stages, Nanda informed PTI.