Millennium Post

Coal India to spend Rs 12,000 crore on capex, infra in FY16

The announcement comes at a time when the company has a target to achieve an output of one billion tonnes by 2019-20. “CIL and its subsidiaries are proposing to invest around Rs 6,000 crore in 2015-16 towards capital expenditure,” Coal India said in a filing to BSE.

Further, around Rs 6,000 crore has been earmarked by CIL for railway and other infrastructure development for 2015-16, the company said. The capex for entire infrastructure in Coal India for 2015-16 is close to Rs 12,000 crore, Coal India CMD S Bhattacharaya told reporters here.

He said that annually Rs 6,000 crore would be spent on mining and the remaining Rs 6,000 on rail infrastructure and other related work. CIL also unveiled its roadmap, of strategies to be adopted, to attain the one billion tone coal production by 2019-20. With the projected coal demand of the country hovering around 1,200 million tonnes (MTs) by 2019-20, at an envisaged growth rate of 7 per cent, CIL is expected to chip in one billion tonnes, of which, 908 million tonnes is the expected contribution from the identified projects, he said. “The process of identification of projects to share the balance quantity, to top up the 1 billion tonne mark, is also underway,” Bhattacharaya said.

The two CIL subsidiaries­Mahanadi Coalfields Ltd and South Eastern Coalfields Ltd (SECL) are expected to play a pivotal role in its quest of attaining the one BT production with 250 million tonnes and 240 million tonnes respectively, he said.

India firms Jan steel output as world total melts by 2.9%

Global steel production declined by 2.9 per cent in January largely due to 4.7 per cent drop in Chinese output even as Russia, US and India contributed more among major producing nations. Global steel production declined to 133.10 million tonnes (mt) in January from 137.09 mt a year earlier, data compiled by World Steel Association (WSA) showed.

Even as output in China fell to 65.5 MT from 68.7 MT a year ago, its contribution remained nearly half of the global production during the month. Japan’s production also fell by 4 per cent to 9 mt and South Korean production declined by 5 per cent to 5.78 mt.

Russia’s output grew by the highest rate of 6 per cent to 6.1 MT against 5.78 MT a year ago. It grew by 0.4 per cent in the US. India’s output rose 0.3 per cent in January to 7.07 mt against 7.04 mt a year earlier.
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