Coal India To Meet 700 Million Tonne Production Target Of FY23, Says Chairman

Coal India Chairman Pramod Agrawal on Tuesday exuded confidence that the PSU will achieve the production target of 700 million tonnes for the current financial year.

Coal India (CIL) accounts for over 80 percent of the domestic coal output.

“I am confident...Coal India will achieve the 700 million tonne coal production target this financial year,” the chairman was quoted as saying in a statement.

Virtually addressing a team of CIL-arm Mahanadi Coalfields Limited (MCL), Agrawal congratulated company officials for registering a growth of 15.9 percent over the targeted production of coal, which is almost 19 million tonne.

Stating that the demand for power will increase in the coming days, Agrawal said, “There will be increased demand for coal from Coal India, and MCL, which is successfully supplying about 435,000 tonne of coal daily to the power sector, will have to increase its contribution."

Last month, it was reported that Coal India Ltd's production crossed 400 million tonnes during the current financial year, reaching the mark at the fastest pace in the company's history.

Last year, Coal India crossed 400 million tonnes in production on December 25, 2021. It has managed to achieve this feat 31 days earlier this time around.

This accelerated production has meant that the company's asking annual growth rate has now come down to 6.9 percent from 12.4 percent at the start of the year. This means that Coal India now has to only increase production by 7 percent to achieve its full-year production target.

(This story has been published from a wire agency feed without any modifications to the text. Only the headline has been changed.)