Coal news and updates

Despite its cash-flow issues, Coal India has already spent over ₹ 8,000 crore as capital expenditure (capex) till December 2020 in the current fiscal, and is looking to meet a revised target of ₹ 13,000 crore of such expense by the end of FY'21, an official said on Sunday. The capital expenditure target for the financial year 2020-21 was initially set at ₹ 10,000 crore, the CIL official added.

The government has instructed the public sector companies to increase their capital expenses to boost the economy which was hit by the COVID-19 pandemic, he said. "With the achievements of our internal goals, the government has raised our capital expenditure target to ₹ 13,000 crore.

 

"We have already crossed ₹ 8,000 crore till December and will definitely surpass the ₹ 10,000-crore mark. We will chase the new goal as this will help revive the economy," a CIL official told PTI.

 

The Maharatna PSU had spent ₹ 5,023 crore till September this fiscal, which was 118 per cent utilisation of its half-yearly target.

 

Source : https://www.ndtv.com/business