Coal news and updates

WBMDTC to become loan-free by FY17

August 18: West Bengal Mineral Development and Trading Corporation (WBMDTC), which became profit-earning in 2012-13 after incurring losses for 38 years, expects to become loan-free by the next couple of years, a senior official from the agency told ICMW.

“We earned a post-tax profit of Rs 26.23 crore in 2013-14. In 2012-13, our post-tax profit was Rs 6.42 crore. So there was a substantial increase last year,” he said.

Accordingly, the company has repaid Rs 7 crore loan from profits earned in 2012-13 and would repay another Rs 10 crore from profits earned in 2013-14, he said.

“BY 2016-17, we hope to become loan-free,” he added.

WBMDTC had total loans of Rs 68 crore from the state government, of which Rs 6 crore was waived earlier.