The Hindu Business Line : Eastern Coalfields on recovery path

The company, for the year ended March 2005, has reduced its annual loss to around Rs 15 crore on a production of about 27 million tonnes (mt) compared with Rs 326 crore on a production of 28 mt during 2003-04.

Bharat Coking Coal Ltd (BCCL), another sick subsidiary of CIL, is also in the process of turning around, expecting it to happen in 2011-12. The company has reduced its annual loss to about Rs 248 crore as against Rs 569 crore in 2003-04. Both the companies expect to start earning profit from the current fiscal, while CIL is considering restructuring the capital base of both to make their networth positive.

Meanwhile, CIL has generated enough internal resources to invest in its coal projects. Without any external borrowings, it has firmed up a plan to take up 102 new projects, entailing an investment of about Rs 20,000 crore. Of the total coal mining projects identified, four large projects, with a combined capacity of 26 mt, have already been approved by the Ministry of Coal. A total of 17 projects, with an accumulated capacity of about 27 mt, stand approved at the CIL level, and 40, with a total capacity of about 30 mt, have been approved at the level of its subsidiaries. Total capacity addition from all the 102 projects will be about 252 mt.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Scorpio launched in Malaysia

Flextronics plans delisting, to buy out shares at Rs 575

ICSA to allot shares, warrants

Reliance Energy allots 97.5 lakh shares to Reliance Power

Hosiery major Rupa sets sights on SAARC nations

Glaxo buyback opens on May 9; price not above Rs 800

HC verdict on land development: SC reserves orders on Mumbai textile mill owners' plea

Panel to suggest means to reduce litigation in co affairs

AIMA convention in Hyderabad

Italy's Bisazza plans capacity expansion

IOC commissions diesel hydro treater at Mathura Refinery