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The pay increase, which was approved by the board last week, comes over a month after the company approved a rise in the salaries of its workers, costing 56 billion rupees over five years.
Coal India has missed expectations this quarter. Realizations have come in lower than expected and there has been a sharp increase in the employee costs. In an interview to CNBC-TV18, Gopal Singh, CMD of Coal India spoke about the results and his outlook for the company.
Coal India is fully capable to fulfil the coal demand in India, he said, adding the company has plans to open new mines in the future.
The financial health of Bharat Coking Coal Limited (BCCL), a subsidiary of Coal India (CIL), was "in dire straits" but can be brought back on track by increasing coal production, said newly-appointed CMD Gopal Singh today.
Crediting the feat for a clear policy on coal by Prime Minister Narendra Modi, Union Coal Minister Piyush Goyal and their team, Singh said the power plants in the country now have a coal reserve for 40 to 70 days.
An arm of Coal India, CCL is the only coal company in the country to have continued with double digit growth in the dry fuel production in successive years, CMD Gopal Singh said adding that the growth rate of the previous fiscal was 11.3 percent.
The search for thousands missing in Uttarakhand continues three weeks after torrential rains and flash floods hit the state. Weeks after the flash floods wreaked havoc in the hills, 40 bodies of flood victims have been found in different parts of Uttar Pradesh after they floated downstream.
