With a view to meet the long-term fuel requirements for its expansion plans the Neyveli Lignite Corporation is scouting for coal assets abroad, according to A.R. Ansari, Chairman-cum-Managing Director of NLC.
The NLC is also looking for a right partner to both acquire and improve such foreign resources, Mr. Ansari said in his speech delivered at the 64th Independence Day celebrations held at Bharathi Stadium in Neyveli on Sunday.
The NLC had initiated preliminary steps for identifying the offshore assets and once the Centre's nod was obtained it would set out on the task in full swing.
Since the demand for power was growing exponentially there was immense potential for the growth of the sector, he said.
However, the projected supply-demand gap in the coal sector could be bridged only through import, he said.
During 2009-10 the NLC surpassed its previous years' performance by achieving a turnover of Rs.4,121.03 crore and earning a net profit of Rs.1,247.46 crore, which were 22 per cent and 52 per cent higher than that of the previous financial year (2008-09).
He attributed the achievements to the untiring efforts put in by all sections of the employees.
The NLC had won the State awards for its corporate social responsibility activity in 2009-10 and for having made substantial contributions for eradication of tuberculosis in 2008-09.
The Chairman thanked the representatives of the trade unions and the associations for their cooperation in resolving the wage dispute and promised to settle the promotion issue soon.
He noted that the NLC had so far issued medical identity books to 50,000 contract workmen to get free treatment in a separate dispensary set up with necessary facilities.
The NLC was contributing 1 per cent of its net profit for improving environment and peripheral development.
Mr. Ansari called upon the students to concentrate both on studies and extra-curricular activities.
Earlier, he garlanded the bust of Mahatma Gandhi and unfurled the National Flag, and inspected the guard of honour.
He felicitated A. Lakshmi, a senior most employee along with her husband, and gave away a tricycle to a differently-abled person.
The fete concluded with cultural events presented by over 3,500 students.
NLC Directors Babu Rao (Personnel), B. Surender Mohan (Mines), R. Kandasamy (Planning and Projects), K. Sekar (Finance) and J. Mahil Selvan (Power) participated.
Keywords: Neyveli Lignite Corporation