Kolkata, Oct 27 (UNI) Coal India Ltd (CIL), recently conferred ''Navratna'' status, is poised to post a Rs 10,000 crore profit before tax this fiscal and has planned to go global with acquisition.
Talking to newsmen here today, CIL Chairman Partha S.
Bhattacharyya said, '' The Union Government accorded the 'Navratna' status to the world's largest coal company on October 24. The status enables the CIL more autonomy to invest up to Rs 1000 crore and more regulatory power for expansion of business. '' '' The CIL is also all set to post a profit before tax of Rs 10,000 crore this fiscal, '' he said.
He said though the CIL was the world's biggest coal company and second largest organisation, but it was not a global company, and efforts would be made to go for acquisition of pits in New York and Las Vegas for expansion of business.
To a question, Mr Bhattacharyya said the autonomy meant the CIL could now go for joint venture with private parties for expansion of business, basically for mining of the abandoned pits after fulfilling its core commitment.
Initial public offerings, disinvestment, pragmatic land acquisition for enhancing coal production to supplement growing demands were among other things in the pipelines for the company, the Chairman informed.
'' CIL's growth has been going steadily and this year is likely to touch seven per cent. It is expected to produce 520.5 million ton in the terminal year of the Eleventh Five-Year Plan (2011-12), up from a level of 360.9 million ton achieved in 2006-07. The growth of 160 million ton (44.2 per cent) over the five year period translates into an annualised growth of 7.6 per cent as against 5.4 per cent achieved during the Tenth Plan period, '' he added.
The CIL had earmakred to invest Rs 2900 crore this fiscal for mordernisation of its nine subsidiaries.
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