Coal India will achieve FY18 target of 600 mt, says CMD Singh

Coal India is fully geared up to achieve the FY18 production target of 600 million tonnes, according to Coal India CMD Gopal Singh.

Speaking to CNBC-TV18, Singh said the demand for coal is picking up which is reflected in the core sector data showing a growth of 10.6 percent. Depending upon the demand for coal, the company will increase the offtake for coal.

He further stated the company has an inventory of 29 million tonnes of coal stocks.

The company has sold 120 million tonnes of coal via e-auction last year and targets to sell the same amount of coal this year. Coal India has sold 60 million tonnes for the first seven months of this fiscal.

The average realisation per tonne for coal has improved for the month of October, with global coal market not looking favourable is positive for the company, said Singh.

The company at present has 298,000 employees on its payroll with 12,000-15,000 employees retiring each year. It has completed the wage hike process for the employees who were paid Rs 51,000 as ad hoc advance adjusted against the arrears.

The CMD said company is always committed to the interest of shareholders but declined to comment on price increases.

The company’s subsidiary Mahanadi Coalfield has been served notice by the Odisha government and the company is going through the order legally.

For full interview, watch accompanying video...