Coal India hikes price of certain grade of coal

State-owned Coal India (CIL) has increased the price of a certain grade of coal from one of its mines in Godda district of Jharkhand.

The increase has been with effect from April 1 as per the decision taken by the Coal India board, sources said.

"The CIL board in its 306th meeting held on March 20, 2014 has approved fixation of add-on price in respect of coal produced from Rajmahal mine of Eastern Coalfields Ltd at Rs 390 per tonne in place of existing Rs 300 per tonne.

"This is in order to rationalise the price of coal produced from Rajmahal mine of Eastern Coalfields due to reclassification of Grade of Rajmahal mine of Eastern Coalfields Ltd and price adjustment," according to a CIL Official.

Coal India had in December last year hiked prices of non-coking coal produced by its subsidiary Western Coalfields by 10%.

"...Last time, during rationalisation in the end of February 2011, there was a substantial cut. In the process, it had some impact. So, now we have increased it by 10% on WCL (Western Coalfields)," Coal India CMD S Narsing Rao had said earlier.

On account of increase, Western Coalfields will earn an additional revenue of Rs 139.84 crore for 2013-14, CIL had said in a filing to BSE.

Minister of State for Coal, Pratik Prakashbapu Patil, had said in a written reply to Lok Sabha in December 2013 that Coal India Ltd may get an additional revenue of Rs 2,119 crore in FY'14 on account of revision in dry fuel prices.

CIL had revised the prices of all grades of coal, barring three, for all its eight producing subsidiaries with effect from May 28, 2013.

CIL accounts for over 80% of the domestic coal production.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • The NDA government would do well to keep its economic focus in place

    It is as if the worst horrors conjured by liberal secularists about India’s prime minister could be finally coming true.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Urs Schöttli

Shifting sands in the Far East

As was to be expected, Japanese prime minister Shinzo Abe ...

Zehra Naqvi

When humanity died, bestiality prevailed

The terrorist attack that killed 132 children in Peshawar has ...

Bubbles Sabharwal

Why self-esteem must be your best friend forever

Two negatives do make a positive! Imagine no doubts, no ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture