At the meeting held by Union Finance Minister P Chidamabaram on Wednesday with the chiefs of seven public sector companies, Coal India Ltd (CIL) presented its additional investment plan to the tune of Rs.15,000 crore, subject to certain conditions.
CIL has a capital expenditure plan of Rs.25,400 crore for the current Plan period. It said that it would be in a position to invest Rs.7,500 crore on new projects only if the evacuation system was put in place through three new railway lines. CIL will invest Rs.7,500 crore on these projects, which would have to be implemented by Indian Railways.
CIL performance review
At a separate meeting, taken by Coal Minister Sri Prakash Jaiswal, a review was made of CIL’s production performance so far. The company, which traditionally loses production during the monsoon, had been able stem the loss this year to a large extent. Production from April 2012 –till date stood at 173 million tons which was 97 per cent of target. Offtake too was 97 per cent of target.
The company, which is chasing a 464.1 million tonnes production target in 2012-13, hopes to buck the trend with a satisfactory first half.
CIL lost 26 million tonnes of output in the first half of 2011-12 due to heavy rain. This year it has lost three million tonnes till date.
