Coal India, an Indian state-controlled coal mining company on Thursday said its board has given in-principle approval for venturing into aluminium and solar sectors and creation of special purpose vehicles (SPVs).

"CIL board at its meeting held on date, accorded its ''In-Principle'' approval to venture into aluminium value chain (mining-refining-smelting) and solar power value (ingot-wafer-cell-module and generation)," the company said.

The board also approved creating SPVs, subject to obtaining concurrence from Niti Aayog, DIPAM and after completion of feasibility studies and business analysis.

The feasibility analysis has to be conducted for the solar power value chain business vertical at CIL, new and renewable energy (non-conventional) business vertical and integrated aluminium complex-a greenfield project by CIL subsidiary Central Coalfields, it added.  

Shares of the company gained Rs 1.35, or 0.99%, to settle  at  Rs 137.55.  The total volume of shares traded  was 701,000 at  the BSE (Monday).