Coal India has identified 126 projects, having an estimated capacity of 438.04 million tonnes, to be taken up during the 12th Plan period.
According to S. Narsing Rao, Chairman, CIL, preliminary reports for 78 of them have been formulated.
“Four projects, having an estimated capacity of 12.50 million tonne and a proposed investment of Rs 2,294.79 crore, have also been sanctioned,” Rao told shareholders during the 39th AGM here on Wednesday. According to him, nearly half (60 of the identified 126) the projects would contribute about 88 million tonne in the terminal year (2016-17) of the Five Year Plan.
In order to meet production demand, the company has decided to work under the mine-developer-operator (MDO) mode. “We propose to take up seven mines in the first phase and expand later based on experience,” the Chairman said.
Coal Import
CIL is likely to import 15 million tonnes of coal for power utilities as part of meeting the fuel supply agreement commitments.
“We have received interest for 15 million tonnes from private power producers and state-owned entities,” CIL director (marketing), B.K Saxena, told reporters on the sidelines of the AGM.
Some 55- 60 companies that include Damodar Valley Corporation have shown interest in importing coal. Imported coal is likely to be supplied from 2014-15.
According to Saxena, Coal India would float tenders to select an agency who will import the coal on its behalf. The process is likely to be completed by the end of this fiscal.
Buyers will have to pay at least 90 per cent of coal value in advance to CIL.
Trade Union Meeting
Meanwhile, Coal India management will meet trade unions on September 20 to avert a proposed three-day strike beginning September 23. Five trade unions have decided to go on strike to protest the government’s plans of divesting another 5 per cent in the company.