Coal India to raise output by 6 pct in 2013/14 - chairman

KOLKATA Mon Jan 28, 2013 9:04am IST

Stocks

   

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)

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

  • Most Popular
  • Most Shared

Shares Hit Record

Sensex, Nifty rise to second consecutive record high

Sensex surges 500 points on BOJ easing, L&T gains

The BSE Sensex and Nifty surged to record highs for a second consecutive session on Friday after Bank of Japan's surprise expansion of its massive stimulus programme raised hopes for additional foreign inflows, boosting blue-chips such as Larsen & Toubro.  Full Article 

REUTERS SHOWCASE

Wilful Negligence?

Wilful Negligence?

SEBI piles pressure on Sahara to sell overseas hotels  Full Article 

Indian Economy

Indian Economy

India's fiscal deficit in H1 almost 83 pct of full-year target.  Full Article 

M&M Earnings

M&M Earnings

M&M Q2 net profit down 4 percent, hit by poor monsoon.  Full Article 

Ban on E-Cigs?

Ban on E-Cigs?

Govt considers ban on e-cigarettes, sale of single smokes.  Full Article 

Commodities

Commodities

Silver futures in India hit four-year low on global cues.  Full Article 

BOJ Policy

BOJ Policy

BOJ shocks markets with surprise easing as inflation slows.  Full Article 

Shadow Banking

Shadow Banking

China's shadow banking sector growing rapidly, third largest in world - FSB.  Full Article 

Reuters India Mobile

Reuters India Mobile

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