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:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Public Health

REUTERS SHOWCASE

Airtel Profit Jumps

Airtel Profit Jumps

Bharti Q2 net profit more than doubles   Full Article 

Maruti Earnings

Maruti Earnings

Maruti Suzuki net profit up 29 percent, beats estimates.  Full Article 

ICICI Results

ICICI Results

ICICI Bank Q2 profit up 15 percent, beats estimates.  Full Article 

Cost Cutting

Cost Cutting

PM Narendra Modi boots officials out of the first class cabin  Full Article 

Market at Record

Market at Record

Sensex, Nifty hit record highs; reforms outpace hawkish Fed.  Full Article 

Moody's on India

Moody's on India

Moody's welcomes India's policy steps, but wants to see more.  Full Article 

End Of QE

End Of QE

U.S. Fed ends bond buying, exhibits confidence in U.S. recovery.  Full Article 

Samsung Results

Samsung Results

Smartphone woes drag Samsung Elec Q3 profit to more than 3-year low.  Full Article 

Refining Margins

Refining Margins

BPCL aims to double refining margins with refinery expansion.  Full Article 

Reuters India Mobile

Reuters India Mobile

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