Coal India has abandoned its move to cut supplies to inefficient power plants following resistance from customers. It had planned to cut the yearly quota by 80 million tonnes.
Western Coalfields (WCL), one of the eight subsidiary companies of Coal India, on Monday said it has introduced the eco-mine tourism and eco-park initiatives with the aim to dispel notions of pollution and environmental degradation related to coal and mining operations.
Coal India (CIL) Sunday said its production in August fell by 10.3 per cent to 34.77 million tonnes. CIL’s production in the same month a year ago stood at 38.78 million tonnes. Coal offtake during August too contracted by 10.4 per cent to 40.47 million tonnes as compared with 45.15 million tonnes in the year-ago month
The world’s biggest coal miner is likely to hold on to its crown for now even as competition increases in India, which opened its doors to foreign miners to boost output and curb surging imports.
India is working on bridging the coal import gap by about 50 per cent in the next three years, Coal IndiaNSE 3.95 % Chairman A K Jha said on Friday. In the 2018-19 fiscal, the country produced 730 million tonnes (MT) of coal, while 955 MT was consumed, leading to a gap of 230-235 MT.
Coal India, which is tasked with meeting the bulk of national coal demand, is looking at supply shortfall for five successive years even if it manages to meet production target every year, the coal ministry has estimated.
Shares of government-owned Coal India fell 4 per cent intraday after Power Secretary Subhash Chandra Garg said there is a need to award five coal blocks of 100 million tonne capacity to big private companies.
India may spin off units of Coal India, the world’s largest coal miner, into separate listed companies to boost competition and raise government funds, according to people with knowledge of the matter.
Coal India could contribute at least 9% to the government’s Rs 1,05,000 crore revised divestment receipt target if it has to adhere to the revised proposal for minimum public shareholding of 35% for a listed company.
Any further Offer For Sale (OFS) in Coal India to raise funds is currently not on the radar and will be decided later, depending on the market, sources said. “Coal India has met the MPS (minimum public shareholding) target