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Coal India to raise production by 180 million tonnes

West Bengal,Business/Economy, Thu, 11 Oct 2012 IANS

Kolkata, Oct 11 (IANS) State-run Coal India Limited (CIL) Thursday expressed confidence that it would be able to raise production by another 180 million tonnes during the 12th five year plan.

The coal major, however, remained tightlipped on a recent directive of the Prime Minister's Office (PMO) on signing fuel supply agreement (FSA) with power firms.

"We had a cumulative production of 180 million tonnes over the last three five-year plan periods. But in the 12th plan period (2012-17) itself, we are planning to augment annual production by another 180 million tonnes," Coal India Chairman S. Narsing Rao said at an event, jointly organised by the Financial Journalists Club (FJC) and industry lobbyist Assocham here.

This will lead to an increase in the CIL's production to 615 million tonnes by financial year 2016-17, compared with 435.84 million tonnes in 2011-12.

Rao, however, refused to comment on the PMO's Wednesday directive in which the government asked the coal miner to sign the FSA with power utilities, which have long- and medium-term sale arrangements with states and power trading companies, by November-end.

Public sector CIL, the world's largest coal miner, has so far signed 29 fuel supply pacts with power firms.

Coal India board approved the modified FSA on the cost-plus basis Sep 18. The cost-plus model provides imported coal at its actual cost.

As per the presidential directive, the coal major has to meet 80 percent trigger level.

The company said the 80 percent trigger level would be maintained with 65 percent of domestic coal and 15 percent of imported coal.

A few days ago Rao had stated that there would be no negotiations with power companies with regard to supply of 15 percent of imported coal on cost-plus basis as part of FSA.

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