Coal India’s pending overdues drop from Rs 22,000 crore to Rs 16,000 crore

By: |
September 16, 2021 6:46 AM

The company's director finance, Samiran Dutta, replying to queries at the 47th annual general meeting said overdues were reducing and were expected to considerably reduce before the end of the second quarter, the current fiscal.

coal indiaCIL chairman and managing director Pramod Agrawal, in his AGM speech, said the company has proactively planned a set of measures to boost coal off take and keep up the supply momentum, which was vital in view of the deciding demand.

Coal India’s (CIL) overdues from gencos have come down to Rs 16,840 crore as of August 31 from Rs 22,000 crore at the start of the fiscal, an above 65%% recovery in last five months.

The company’s director finance, Samiran Dutta, replying to queries at the 47th annual general meeting said overdues were reducing and were expected to considerably reduce before the end of the second quarter, the current fiscal.

Rajasthan, Karnataka, West Bengal and others had huge pending overdues and CIL had to restrict supplies to mount pressure on the state gencos, which resulted in coal shortage at the plant head.

Though CIL said that power plants, including that of NTPC, had restricted off-takes, resulting in shortage of coal at the plant heads, the miner prepared a contingency plan and prioritised supplies to those plants, which had coal stocks of less then seven days.

CIL chairman and managing director Pramod Agrawal, in his AGM speech, said the company has proactively planned a set of measures to boost coal off take and keep up the supply momentum, which was vital in view of the deciding demand.

The country, he said, generated 1378.525 billion units of power in FY 21 of which coal based generation was 950.751 billion units. With around 55% share, coal would continue occupy a major space in India’s energy basket for a few more decades, Agrawal said.

He said the company, during the last fiscal had cleared 36 mining projects with a sanctioned capacity of 332.77 million tonne. The company has also devised a transformational plan for operationalising 15 mines by engaging mine developer and operator, which has an ultimate capacity to produce 160 MTs per annum.

These mines were closed down and declared abandoned.

The company got environmental clearance for 31 mining projects and two washeries having incremental capacity of 27.89MTPA and 3 MTPA respectively. Stage -2 forestry clearance (FC) was secured for 8 proposals covering 1,387.06 hectare of forest land and stage 1 FC for one proposal covering 277.15 hectare.

On corporate governance, he said, the company had to conduct a secretarial audit and obtain an unqualified report for not having the required number of independent directors, woman independent director and non- reconstitution of various sub committees.

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