Coal India which accounts for more than 80 per cent of India’s domestic coal output is planning a capital expenditure of Rs 10,000 crore for the financial year 2019-20, the Hindu Business Line reports. The state-controlled company has set a target growth rate of 8 per cent and aims to produce 660 million tonnes of coal for this fiscal year.
In 2018-19, Coal India achieved a total production of 606.88 million tonnes as against its target of 610 million tonnes. The targets are part of the mandatory memorandum of understanding (MoU) between the Coal Ministry and the company.
Sources close to the development said: “CIL had signed the mandatory memorandum of understanding (MoU) with the Ministry of Coal for its key performance areas for fiscal 2019-20. Thus, the coal production and off-take target for the year 2019-20 is 660 MT and CAPEX target has been set at Rs 10,000 crore”.
The MoU mandates Coal India to meet the set target goals on both production and the growth rate. The parameters needed to achieve the same are included in the MoU giving comprehensive understanding needed for production efficiency and HR parameters.
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