Coal India to raise output by 6 pct in 2013/14 - chairman
KOLKATA Jan 28 (Reuters) - Coal India Ltd, 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)
- Tweet this
- Share this
- Digg this
- UPDATE 8-Dallas Ebola patient vomited outside apartment on way to hospital
- Boxer Sarita Devi faces action after refusing medal at Asian Games
- Appointment of Arvind Subramanian as chief economic adviser hits Modi hurdle
- Putin says Russia wants to move to national currencies in trade
- China tells foreign countries not to meddle in Hong Kong
BACK IN JAIL
Subrata Roy, the jailed chief of India's Sahara conglomerate, is back in a cell after living in a makeshift prison office for two months as he tried to negotiate the sale of his luxury hotels, a jail official said. Full Article
Appointment of Arvind Subramanian as chief economic adviser hits Modi hurdle. Full Article
Diageo bars United Breweries from appointing independent director at United Spirits. Full Article