New Delhi: For financial year 2019-20, state-run Coal India is targeting to push coal production by 8.75 percent to 660 million tonnes (MT) over the last year. The public sector undertaking (PSU) had produced 607 MT of coal in FY2018-19 against a target of 610 MT. The target for revenue from operations has been fixed at Rs 1 trillion for the current fiscal.
The targets were spelled out during a meeting between Coal India and the Ministry of Coal held recently. At the meeting, the two also signed an MoU spelling out the targets for FY2019-20.
Coal India plans Capex of Rs 10,000 cr
“CIL had signed the mandatory memorandum of understanding … with Ministry of Coal for its key performance areas for fiscal 2019-20. Thus the coal production and offtake target for the year 2019-20 is 660 MT… CAPEX target has been set at Rs 10,000 crore,” sources said.
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MoU formulated on new DPE guidelines
“The MoU for 2019-20 has been formulated on the lines of new DPE guidelines and finalised after discussions with the Pre-Negotiation Committee and Inter-Ministerial Committee,” a source said.
For 2018-19, the PSU had set for itself an ambitious internal target of pushing coal production to 652 million tonnes, but ended up being far from meeting the target, sources said.