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Backed by robust growth during 2014-15, the State-owned miner Singareni Collieries Company Ltd has charted out expansion plans within India, while scouting for possible buyouts overseas.
The mining company is in the process of inviting global expressions of interest for buyouts and expects to come out with its plans by the second or third week of April.
Singareni has produced 52.54 mt of coal during 2014-15 to achieve its revised target of 52.50 mt and register growth of about 4 per cent over its 2013-14 output of 50.47 mt.
Coal despatches were up 10 per cent at 52.66 mt as against 47.94 mt for the pervious financial year.
N. Sridhar, Chairman and Managing Director of Singareni Collieries, said the global coal industry is passing through a phase of downturn and it was the right time to consider a buyout. “As a coal mining company with over 100 years of experience, we are now gearing up to play a much bigger role both within the country by taking up new mines in other States, but also scouting for buyouts of mines with a capacity of about 5 mt in Africa, Indonesia and other possible locations,” he said.
Coal production during the fourth quarter of 2014-15 was up at 17.29 mt, the highest ever recorded in any quarter by the company, registering an increase of 5.7 per cent.
The company’s gross turnover for 2014-15 was up 19 per cent at Rs 14,083 crore, as against Rs 11,870 crore for the previous financial year. The miner contributed Rs 3,748 crore towards royalty, sales tax, and other levies as against Rs 3,212 crore in the previous year.
Singareni has begun the process to take up exploratory studies of Bayyaram Mines in Telangana for a possible foray into iron ore mining.
Sridhar said the company, which is setting up a 1200 MW thermal power plant at Jaipur, expects to commission both the units possibly by December 2015 and thereafter take up expansion by setting up another unit of 660 MW.
“We have identified 17 new coal mines and expect to begin work on them in a phased manner. Having secured nod for some mines in other States, work will also begin on them this year,” he said.
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