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Last Updated : Aug 08, 2020 10:03 PM IST | Source: Moneycontrol.com

COVID-19 impact: Coal India downgrades FY21 production target to 650-660 million tonne

On commercial mining of coal, Agrawal said it will help introduce a market-linked price mechanism and benefit the state-owned mining behemoth, contrary to speculations.

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In the wake of disruption caused by coronavirus pandemic, mining giant Coal India has revised down its production target to 650-660 million tonnes for 2020-21 fiscal, a top company official said on August 8.

The firm had previously set a target of 710 million tonnes for the current year.

Pramod Agrawal, Chairman, Coal India said, "COVID-19 pandemic has affected demand for coal. However, it has started to pick up now as the industries have commenced operations. Given the situation, we are hopeful to end the year with 650-660 million tonnes of production."

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In July-end, demand was higher by 7-8 percent, while in the first week of August, it saw an uptick of 13-14 percent, officials said.

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The 'Maharatna' PSU had produced 602 million tonnes of coal last year as against a target of 630 million tonnes.

On commercial mining of coal, Agrawal said it will help introduce a market-linked price mechanism and benefit the state-owned mining behemoth, contrary to speculations.

"Market-linked prices will benefit Coal India," he said during a webinar organised by Bharat Chamber of Commerce.

The company is also trying to supply high-grade coal from select subsidiaries to coastal consumers largely dependent on imports.

The Kolkata-based miner is targeting 70-80 million tonnes of coal for import replacement in the southern and western parts, the officials said, adding, a special e-auction window is being mooted exclusively for importers.

Around 240 million tonnes of coal per annum is imported at present.

The mining major said it is looking at options for the loss-making Dankuni Coal Complex, which might wind up unless any worthwhile proposals come forward.

Agrawal added: "In an effort to strengthen the administration and boost productivity, Coal India board has approved 14 executive director-rank posts."

(With inputs from PTI)
First Published on Aug 8, 2020 08:35 pm
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