CIL targets record production for 2007-08

Kolkata, May 27 (UNI) Coal India limited (CIL), after achieving sustained growth in production and profits during 10th five year plan, has set a production target of 384.50 million tonnes of coal for 2007-08, the first year of 11th five year plan, according to a report received here.

CIL had paid the highest ever dividend of Rs 1500 crore to the Centre during 2006-07 as the company mined about 360.94 million tonne (MT) of coal in the last fiscal, an increase of 17.55 MT, over the preceeding year, registering a growth of 5.1 per cent.

CIL, since the beginning of the tenth five year plan during 2002-03, had been making sustained annual growth both in production and profitability.

The report said CIL had produced 290.69 million tonnes of coal in 2002-04 and subsequent years saw the production going upto 306.69 MT in 2003-04, 323.58 MT in 2004-05, 343.39 MT in 2005-06, and 360.94 MT in 2006-07 making a total production of 1,624.96 million tonnes.

In terms of aggregate production during the tenth plan period CIL had exceeded the original planned target of 1557 million tonnes and the mid-term appraisal target of 1605.30 million tonnes by a margin of 47.96 million tonnes and 19.66 million tonnes respectively.

Besides, the aggregate tax and dividend paid by CIL to Centre during the plan period was Rs 16,384.42 crore which was 55.64 per cent of the aggregate pre-tax profit of Rs 29,445.59 crore.

CIL and four of its profit making subsidiary companies, Mahanadi Coalfields ltd, Sambalpur, Northern Coalfields ltd, Singruali, South Eastern Coalfields ltd, Bilaspur and Westner Coalfields ltd, Nagpur have been conferred '' Mini Ratna'' status.

This was after CIL that the companies met the eligibility and classification conditions as laid down by the Department of Public Enterprises (DPE).

The new accorded status would provide more financial and operational autonomy to these companies.

UNI