Companies

Singareni Collieries targets Rs 50,000 cr turnover

V Rishi Kumar | | Updated on: Jun 02, 2019

Plans to open more mines

The Singareni Collieries Company Ltd (SCCL) is aiming to achieve a turnover of Rs 50,000 crore from the present Rs 26,000 crore registered during 2018-19.

N. Sridhar, Chairman and Managing Director of SCCL, said that the Collieries has been steadily increasing its output and dispatches and going by the current pace of growth it would be able to achieve the turnover of Rs 50,000 crore in the near term.

“With the support State Chief Minister K Chandrasekhar Rao, SCCL could achieve highest ever targets in its history during last five years. The colliery recorded a growth of 116.5 per cent in sales and 282 per cent in profits. Now, it is the time to gear up to achieve a turnover of Rs 50,000 crore,” he said during the State formation celebrations.

“To achieve these targets, SCCL is planning to open new mines in SCCL areas and also take up new blocks in other states too,” the CMD said.

He thanked the Chief Minister for recommending to the Central Government for allocation of new coal blocks to SCCL in Odisha, Chhattisgarh and Madhya Pradesh.

He said that the collieries is now on par with eight Maharatna companies in terms of growth in sales and turnover for last five years. The highest growth in profits achieved by Indian Oil Company for last five years was 146%, whereas SCCL had achieved 282%. The highest growth in sales was recorded by Coal India Ltd was 55% where as SCCL achieved 116.5% growth in last 5 years.

The collieries staff was set a target of 700 lakh tonnes of coal production this year.

Published on June 02, 2019

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