Coal India to raise output by 6 percent in 2013/14

KOLKATA Mon Jan 28, 2013 10:12am IST

Local women carry coal taken from open cast coal field at Dhanbad district in Jharkhand September 19, 2012. REUTERS/Ahmad Masood/Files

Local women carry coal taken from open cast coal field at Dhanbad district in Jharkhand September 19, 2012.

Credit: Reuters/Ahmad Masood/Files

Related Topics

Stocks

   

KOLKATA (Reuters) - Coal India Ltd(COAL.NS), the world's largest coal miner, has finalised a production target of 492 million tonnes for the fiscal year that starts on April 1, about 6 percent higher than the current year's expected production.

The target was finalised in a meeting last week with officials from India's planning commission, Coal India Chairman S Narsing Rao told Reuters.

The state-controlled miner, which produces about 80 percent of India's coal, is under pressure from the government and power producers to ease fuel shortages at home but has struggled for years to raise output due to problems in obtaining environmental and regulatory approval.

Output levels have remained nearly flat for the past two years and it missed its production target last year.

The company is aiming to supply 464 million tonnes of coal this fiscal year ending March, an increase of about 7 percent. The company is fairly close to achieving this target, but performance in the last two months would hold the key, Rao said.

"It is still a tight situation, but the next 66 days can tilt the scales," he said.

So far this year, Coal India has produced 20 million tonnes more compared to the same period last year, but now needs to push up production by another 9 million tones in the remaining period.

India produced 240.32 million tonnes of coal in the first half of the current fiscal year, up 8.2 percent from a year earlier, figures provided by a government official showed.

(Reporting by Prashant Mehra; Editing by Ranjit Gangadharan)

FILED UNDER:
  • Most Popular
  • Most Shared

DEFENCE

REUTERS SHOWCASE

Power Theft

Power Theft

India to invest $4 billion to tackle power theft  Full Article 

Debt Funds

Debt Funds

India monitors foreign flows into debt funds, may tighten rules  Full Article 

Bulgari Back in India

Bulgari Back in India

CEO: we shouldn’t have left India so we’re back  Full Article 

 Hindu "Modi-fication"

Hindu "Modi-fication"

Fears grow about Hindu "Modi-fication" of education  Full Article 

Weak Credit

Weak Credit

Hard to hit tax revenue target, credit weak - Jaitley  Full Article 

China Rate Cut

China Rate Cut

China surprises with interest rate cut to spur growth  Full Article 

Gold Imports

Gold Imports

RBI cautious on response to gold import surge  Full Article 

Economic Corridor

Economic Corridor

China commits $45.6 billion for economic corridor with Pakistan  Full Article 

Overseas Funds

Overseas Funds

RBI says overseas borrowed funds can be parked with banks in India  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage