KOLKATA- State-run monopoly miner Coal India (CIL) plans to supply 17.5 million tonnes of coal annually to captive power producers for five years through an auction that started last week and is slated to conclude on October 10.

The average base price for the fuel on offer is around ₹1,343 per tonne while premiums offered by consumers for a variety of coal from South Eastern Coalfields have touched a high of ₹650 per tonne.

Giving a leg-up to the Centre’s disinvestment scheme, state-run Coal India (CIL) and KIOCL (formerly Kudremukh Iron Ore Co) will buy back their own shares next month.

CIL’s wholly-owned subsidiary Mahanadi Coalfields (MCL) will buy back shares equivalent to 25% of its aggregate fully paid-up share capital and free reserves from the parent.

Keen to expand its footprint across the border, Coal India (CIL) has initiated talks with Barapukuria Coal Mining Company (BCMC), Bangladesh’s sole coal producer, to help it explore coal mines as well as set up new projects.

BCMC is a subsidiary of the Bangladesh government-owned Petrobangla, with extremely limited mining capability. “We have visited Bangladesh and spoken to this company’s as well as Petrobangla's top executives.

In the wake of shortage of fuel in thermal power plants due to inadequate transportation facilities, Coal India (CIL) has been asked to expedite the signing of private siding agreement with Railways. The process, which started in 2014, has been shuttling between the two ministries since then.

A railway siding is an area which is used for loading and unloading of coal in train rakes.

KOLKATA: Coal India (CIL) will strictly implement its credit policy and levy penal interest on payment delayed beyond 15 days, and stop supply if money is not paid in a month as the company wants to bring down receivables that touched Rs 12,500 crore in April.

“Although we have a policy of levying penal interest and discontinuing coal supplies if dues extend beyond a month, it was never implemented strictly.

India’s metal and power producers could be up for uncertain times. Between now and 2019, the raw material sourcing teams for these companies will keep a close eye on the changing geopolitical picture of at least three countries — Indonesia, Australia and Mozambique. The first two prepare for elections and one is facing unrest.

After a reasonably good start to the first quarter, Coal India Ltd’s outlook for the rest of the fiscal year also looks bright. Demand from the power sector is expected to be strong. Coal stocks at power plants are low. Analysts believe the adverse impact of wage provision and coal grade slippages have also been factored in. Consequently, Coal India is set to benefit from better volume and price increases going ahead.

NTPC, India’s largest power producer, is planning to issue a tender for import of 2.5 million tonne of coal by mid-September to cater to the growing power demand in the country. The PSU last imported coal three years ago.

Gurdeep Singh, chairman and managing director of NTPC, said the imports would be through a competitive bidding. The coal will be utilised by our coastal power projects in Simhadri, Kudgi and Farakka,” he said.

Coal India Ltd (CIL) today posted 61.07 per cent jump in consolidated net profit at Rs 3,786.44 crore for the June quarter of 2018-19 financial year.

It had reported a net profit of Rs 2,350.78 crore in the same quarter of 2017-18, the state-owned company said in a regulatory filing.

The port blockages reflect the inability of India’s infrastructure to cope with an expanding economy and consumption. Freight and passenger trains jostle for space on the same tracks, and goods carriers often have to make way for passenger traffic, prolonging the turnaround time for carriages to haul coal, the mainstay of power generation in the country.

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