Tuesday, 04 Oct 2011
ET reported that State-run Coal India today said it may invest up to INR 40,000 crore in the 12th Plan Period ending 2017 towards mines development for augmenting production.
Mr NC Jha CIL Chairman said "We will spend anything between INR 35,000 crore to INR 40,000 crore in the 12th Plan Period for development of new projects, buying machinery and building washeries, among others."
Mr Jha said that against the company's investment target of INR 35,000 crore during the 11th Plan Period, CIL might end the five-year period with an actual investment of less than INR 25,000 crore.
He said that "There were lot of bottlenecks because of which we could not move ahead with our entire investment proposals in the 11th Plan Period, adding that during the 12th Plan, the production target is more which warrants more investment.”
Mr Jha said CIL has set a production target of 556 million tonne by 2016-17 against the country's projected demand of 965 million tonnes in the terminal year of the 12th Plan Period. He said that "Overall, country's coal production, including by captive miners is likely to be 700 million tonne by 2016-17. So, we will have to import the remaining to meet demand."
Mr NC Jha said that overseas coal assets acquisition program of the company was not moving ahead as was expected and hence, the focus of the company in the next Plan Period would be on developing mines within the country.
CIL had earlier announced that it plans to put up 20 new washeries with a combined capacity of 111.1 million tonnes. It has 17 such washeries now.
(Sourced from Economic Times)
ET reported that State-run Coal India today said it may invest up to INR 40,000 crore in the 12th Plan Period ending 2017 towards mines development for augmenting production.
Mr NC Jha CIL Chairman said "We will spend anything between INR 35,000 crore to INR 40,000 crore in the 12th Plan Period for development of new projects, buying machinery and building washeries, among others."
Mr Jha said that against the company's investment target of INR 35,000 crore during the 11th Plan Period, CIL might end the five-year period with an actual investment of less than INR 25,000 crore.
He said that "There were lot of bottlenecks because of which we could not move ahead with our entire investment proposals in the 11th Plan Period, adding that during the 12th Plan, the production target is more which warrants more investment.”
Mr Jha said CIL has set a production target of 556 million tonne by 2016-17 against the country's projected demand of 965 million tonnes in the terminal year of the 12th Plan Period. He said that "Overall, country's coal production, including by captive miners is likely to be 700 million tonne by 2016-17. So, we will have to import the remaining to meet demand."
Mr NC Jha said that overseas coal assets acquisition program of the company was not moving ahead as was expected and hence, the focus of the company in the next Plan Period would be on developing mines within the country.
CIL had earlier announced that it plans to put up 20 new washeries with a combined capacity of 111.1 million tonnes. It has 17 such washeries now.
(Sourced from Economic Times)
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