Coal news and updates

Coal India is in focus on the back of non-coking coal price being hiked. The price revision will earn the company an additional revenue of Rs 1,956 crore for the remaining part of FY18. In an interview with CNBC-TV18, Gopal Singh, CMD of the company discussed this.

 

Coal prices hiked by around Rs 110 per tonne, he said.

 

Evacuation charges, Rs 50 per tonne, will not raise revenue. The amount is to adopt the state-of-the-art and environment-friendly technologies for evacuation of coal, he added.

 

We are planning to set up rapid loading systems, use belt conveyors and rail sidings within mines, said Singh.

 

According to him, the price hike of Rs 106-110 per tonne is an attempt to rationalize the prices.

 

FY17 employee cost was Rs 33,000 crore and FY18 employee cost is estimated at Rs 36,000 crore, an increase of about 10 percent, he further mentioned.

 

Speaking about offer-for-sale (OFS), he said right now we don’t have any communication from the government on OFS.

 

Source: moneycontrol