"CIL has set a target to attain one billion tonne of coal production by 2019-20.
“This would entail a ballpark investment of $20 billion," Goyal told reporters in Kolkata.
Goyal said that the money would be spent in technology, equipment and upgradation of the existing facilities.
"A part of it will also go towards setting up infrastructure for evacuation".
The investment amount had been arrived at following a detailed mine-by-mine plan, he said, adding that the balance sheet of CIL was strong enough to support the capital expenditure programme.
The increase in production will be from the existing mines and also the new ones.
Exuding confidence that the target is achievable, Goyal said that in the first 43 days of the current fiscal, there had been 11.1 per cent rise in production over the similar previous period.
During 2014-15, the increase in production was 32 million tonnes, while during the four year period from 2010 to 2014, the production was lower at 31 million tonnes.
The government would support this endeavour, he said, and urged all the stakeholders, including the state governments, for a shared responsibility.
"This has to be achieved expeditiously in a time bound manner," Goyal said.
Goyal said CIL would be opening 70 to 100 mines while the state governments would be adding 39 for boosting power production in their states.
Another 70 to 80 mines would be opened by the private sector, he added.
Asked whether the country would have enough consumption capacity for one billion tonne after five years, Goyal said that 28 crore (280 million) Indians do not have electricity at homes.
"India needs to double electricity production to two trillion units in five years which will necessitate higher demand for coal," he said.
CIL will become the most valuable company after five years, Goyal said, adding that it has been able to maintain profitability without raising prices.
Asked when CIL would hike prices, he said "it is a Maharatna company and will take its own decision".
On coal imports, he said: "We will see a declining trend in the imports of thermal coking coal. It will stop after two years. But imports of high-calorific coal will continue".
CIL is banking on its two subsidiaries, Mahanadi Coal Fields and South Eastern Coalfields, to play a pivotal role in targetted capacity expansion.
Last fiscal, CIL production was 494 million tonnes, 3 per cent short of target.
Asked about the next round of coal block auctions, Goyal said: "We are studying the demand-supply situation, environmental issues and the readiness of the mines".
Regarding challenges relating to land acquisition, he said there were minor issues with ‘right of way’and were being sorted.