News  NEWS

Coal India to save Rs 800-1000 cr by closing 37 unviable underground mines

122 times viewed
Source: PTI
Tuesday, June 13, 2017

 KOLKATA: Muted coal demand and eroding profitability have forced Coal India to 'production closure' of 37 loss making underground mines in the current fiscal to save between Rs 800 crore to Rs 1000 crore annually. 


"An action plan was prepared by the subsidiaries in which 37 underground mines were envisaged to be closed for production in 2017-18. This exercise will save between Rs 800 crore to Rs 1000 crore," a top CIL official told PTI. 

Coal India has identified some 60 underground mines belonging to its four subsidiaries, Eastern Coalfields (ECL), Bharat Coking Coal (BCCL), South Eastern Coalfields (SECL) and Central Coalfields (CCL) for closure in phases. 

"This is production closure plan is due to financial and safety factors. We will redeploy all the 15000 workers of the closed mines without any loss of salary to them," the official said. 

Coal India has some 432 mines and of which 230 are underground mines. 
 
It informed the stock exchanges that during a review meeting with CIL and subsidiaries it was found that a substantial number of mines were unable to recover salary of the workers. 


Comments:



Post Your Comment:

Name:*
    
E-mail:*
    
Comments:*
    


Also Read:

»

Steel Minister rules out SAIL taking over Monnet Ispat

»

Steel lobby seeks changes to stressed assets scheme

»

Reliance Industries, BP withdraw gas price arbitration against government

»

Finance Ministry rejects Rs 20,000-crore plan for local solar equipment firms

»

Relax, GST won't impact your power bills next month

»

Haryana waives off intra-state wheeling charges to promote renewable energy

»

EESL scouts international partners to implement clean energy programmes

»

Russia's Rosneft CEO says takeover of India's Essar is closed

»

Power plants seek Coal India’s e-auction calendar

»

Steep increase likely in crude oil import bill

News  NEWS ARCHIVE
   
Home | Recent News | Privacy Policy | Disclaimer | Feedback | Sitemap | Contact Us

© Copyright Power Hub 2012-2014, All rights reserved.