I have a coverage layer in the .img format. Is it possible to convert that file in to the one of the below formats using ARCGIS? Kindly advise.
Not really. Normally you convert a raster in one format to another.
You could however, convert to a readable text format if your python is good. I will leave out specific details for now
Arcpy's RasterToNumPyArray would allow you to convert the raster (single or other bands) to an array which can be converted to various text formats. Perhaps if you could elaborate on your end-game other suggestions could be made.
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