S Narsing Rao emphasised the need for regulatory relaxation for underground mining as impact on surface is minimal compared to open cast mining.
The government has a Rs 54,000 crore disinvestment target of which only about Rs 4000 crore has been done so far. So, the government is relying on special dividends from cash rich PSUs in order to meet that target.
The finance ministry in the EGoM meet told the oil ministry that the Fin Min was expecting Rs 4500 crore from this disinvestment. So, if the oil ministry was opposing IOCL divestment then they need to come up with an alternative plan. to raise Rs 4500 crore.
Coal India eyes a production target of 482 million tonne for FY14 and the coal off take target of 492 million tonne, which it is confident of achieving by the end of the year, says CMD S Narsing Rao.
According to Coal India Chairman, S Narsing Rao, some FSA's are yet to be signed because of certain issues concerning those power plants.
Coal India marginally missed its output target for July by two percent to 32.77 million tonne. The state-run PSU, which is the world's largest coal miner, had set a production target of 33.44 MT for the month
State-run Coal India has not received any communication from the government regarding stake sale in the company said Narsing Rao, chairman and managing director of Coal India.
Coal India, the world's biggest producer of coal, may import as much as 20 million tonnes of the fuel next fiscal to comply with orders to increase supplies to power utilities and avoid paying penalties.
After the Railway Minister PK Bansal hiked rail freight fares in the Railway Budget 2013-14 today, S Narsing Rao, chairman and managing director, Coal India doesn't see the hike having any direct impact on the company.
S Narsing Rao, CMD of Coal India, is optimistic that issues with NTPC on the quality of coal can be sorted out.
World's largest coal miner today posted a strong set of earnings. Coal India's net profit rose to Rs 4,395 crore, beating street estimates. S Narsing Rao, Chairman of Coal India says the PSU may miss its FY13 production target of 464 million tonnes (MT).
Coal India Ltd, the world's largest coal miner, has finalised a production target of 492 million tonnes for the fiscal year that starts on April 1, about 6 percent higher than the current year's expected production.
Coal India Ltd today said NTPC is yet to sign the fuel supply agreement (FSA), but expressed the hope that the power major would do so soon.
Coal India has cautioned that there would be safety issues if the government allows other parties to harness coal-bed methane (CBM) in its leasehold areas.
Coal India is looking to sell around 50 metric tonnes of coal via the e-auction route in the current financial year. The initiative is to not only improve topline but to also provide access to customers who are not able to source coal through the available institutional.
Coal India Ltd (CIL) today said it has no objection to supply of subsidised imported coal to a certain set of power generators under price pooling proposal, provided it does not involve any revenue loss for the PSU coal miner.
Coal India today indicated that its production during October-December period may see some slippage as Nilam cyclone and festivals impacted the mining activity in November.
Coal India's new model Fuel Supply Agreement (FSA) for power companies has not really been welcomed with open hands. CIL chairman S Narsing Rao says there are not any substantial variations between the public sector version and the private sector version, but a couple of clauses relating to, for example, guarantee and security deposit.
The Coal India board is expected to take up the issue of coal price pooling at a meeting tomorrow for the implementation of the modified Fuel Supply Agreement.
CNBC-TV18's Amrita Panja reports on Coal India's ultimatum to power companies to either agree to price-pooling or 65% supply.
Coal India board today agreed to a hefty penalty of up to 40 percent if it fails to supply the committed quantity of the fuel to power firms, paving the way for signing new FSAs with electricity producers.
Close on the heels of PMO's recent decision that CIL will decide the pooling of coal price mechanism, the PSU firm said it is not supportive of such a move at the cost of its financial interests.
In a bid to resolve the fuel row, the Prime Minister's Office today asked state-owned Coal India (CIL) to sign the pacts with power producers with assured minimum coal supply of 65% of the commitment.
The Prime Minister's Office would convene a meeting next week to iron out issues, mainly the penalty clause deterring power firms such as NTPC from inking fuel supply pacts with Coal India.
Coal India's S Narsing Rao today said that every effort is being made by them to ramp up production so as to meet the coal needs of corporate India.