Companies

Singareni Collieries plans to double turnover, profits within 5 years

Our Bureau Hyderabad | Updated on August 16, 2019 Published on August 16, 2019

The Singareni Collieries Company plans to double its turnover and profit and take it to ₹50,000 crore and ₹4,000 crore respectively within five years, according to its Chairman and Managing Director N Sridhar.

The CMD of the state-owned mining company said that with the support of Telangana Chief Minister K Chandrashekar Rao and the collective effort of the workers, Singareni has achieved tremendous progress in the past five years.

“Plans have been made to double the turnover and profits in the next five years by opening new mines and expanding business,” he said during the 73rd Independence Day celebrations at Singareni Bhavan, Hyderabad.

He said that Singareni has achieved record growth in all areas over the past five years. In 2018-19, it achieved a turnover of ₹25,828 crore and a net profit of ₹1,766 crore. Now the company has made plans to achieve ₹50,000 crore turnover and over ₹4,000 crore profits in the next five years.

The CMD said along with the Naini Block in Orissa, efforts are being made to take up coal blocks in Jharkand and Chattisgarh with the Central Coal department, with the Chief Minister seeking to pursue new allocations.

During the last five years, Singareni’s growth was on par with the Maharatna companies, and in the next five years it expects to top in coal production and power generation.

Published on August 16, 2019
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