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Kolkata, Oct. 8

Central Coalfields Ltd has been notified as a “miniratna” category-1 company, says a press release. CCL is the first miniratna category-1 Central PSU of Jharkhand and the sixth miniratna company under Coal India Ltd. CCL’s new status will invest the CCL management with enhanced financial and administrative powers and with more working autonomy. The board will now be empowered to sanction up to Rs 500 crore in place of the Rs 100 crore for capital expenditure on new projects, modernisation of projects and purchase of equipment etc. CCL ended the Ninth Plan with a net worth of minus Rs 163 crore against its equity holding of Rs 940 crore. But, from the beginning of the Tenth plan, the company started earning profits and since then it has not looked back and has improved its network to Rs.1686 crore in 2006-07, adds the release.

– Our Bureau

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