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Coal India Ltd sanctions Rs 2,295 cr for new mining projects

KOLKATA: State-owned Coal India LtdBSE 1.18 % has sanctioned Rs 2,294.79 crore for four new mining projects with an estimated capacity of 12.5 million tonnes. 

The miner has identified a total of 126 projects with an estimated capacity of 438.04 million tonnes to be taken up during the 12th Plan period. 

"Of the 126 projects, project reports of 78 have already been formulated," 
CILBSE 1.18 % Chairman and Managing DirectorS Narsing Rao said in his speech during the company's annual general meeting (AGM) today. 

"Of these, 60 are envisaged to contribute about 88 MT during the terminal year of the 12th Five-Year Plan (2016-17)," he said. 

Rao also said a sum of Rs 2,294.79 crore has been sanctioned for four new mining projects with an estimated capacity of 12.5 million tonnes. 

CIL had proposed a capital outlay of Rs 25,400 crore in the 12th Plan period in addition to an ad-hoc provision of Rs 35,000 crore to acquire coal assets abroad and develop the acquired coal blocks in Mozambique. 

Replying to queries from shareholders, Rao said the process of appointment of vacant seven independent directors' post will be completed by this month or by October. 

CIL has no independent directors since August 23. Rao said its subsidiary BCCL is already out of BIFR and only notification was awaited. But, for Eastern Coalfield it will happen either in the current year or by next fiscal, he said. 

Coal India was also planning to repay international loan from multilateral agencies like JBIC to protect itself from 
forex volatility. 

Meanwhile, the 39th AGM of Coal India was disrupted for at least 90 minutes following protests from shareholders at the meeting venue. 

They alleged that despite coming on time for the meeting, the official entrusted with recording the attendance shut down the system and refused to register any shareholder's names. 

Coal India officials, including chairman Narsing Rao, assured them the allegations would be looked into and no such incidents will occur again. 

Later the meeting resumed, with shareholders passing all resolutions.