Five leading unions (INTUC, AITUC, BMS, HMS, and CITU) had given the strike call from January 5 to 7 to press for their wage revision demand. However, with the Coal India management and the unions entering into a memorandum of understanding on the wage agreement in Hyderabad on Sunday, the strike has been called off.
Coal India achieved a staggering production of 536.51 million tonnes during the financial year ended March 31, 2016
"'His mantra was simple yet profound: Be number one or be ready to be wiped out. There's nothing in between," he used to say and it was a reminder for all to always aim high, to push boundaries, and to strive for excellence.
As Partha S Bhattacharyya steps down as CMD, the search for a successor is being keenly watched.
A team of navy, army, NDRF, and SDRF personnel are working to rescue nine workers trapped inside a coal mine in Assam's Dima Hasao district. The mine is suspected to be illegal, and one person has been arrested in connection with the incident. Rescue efforts have been underway since Monday, but no workers have been found yet.
The Competition Commission of India (CCI) is to be congratulated for imposing a large fine, of nearly Rs 1,800 crore (Rs 18 billion), on Coal India Ltd for alleged abuse of its monopolistic position.
The government may offload a maximum of 10 per cent of its stake in the state-run firm. Currently, its holdings in CIL stands at 100 per cent.
Power utilities may report moderate growth in earnings for Q3FY25. Generation is up 3 per cent year-on-year (Y-o-Y) in Q3 on lower cooling demand and high base, to 429 billion units (BU). Peak demand was steady at 224 Gw in Q3FY25, a 10 per cent decline from the record highs of 250 Gw in May 2024.
The company has already received the coal ministry's nod to reduce the face value of its shares to Rs 10 from Rs 1,000 at present.
The state-run miner, which recently raised a record Rs 15,000 crore (Rs 150 billion) from the markets, is running short of executive manpower, even as it looks at expanding production to meet rising coal demand in the country.
The government on Thursday suspended chairman and managing dof Coal India Limited N K Sharma on alleged charges of corruption during his tenure, official sources said in New Delhi.
Bankers claim they have received good response to the roadshows held abroad for Coal India, IndianOil and PowerGrid.
Coal India's foreign-venture arm Coal Videsh chief general manager Phalguni Guha said he expected the deal with Peabody to be finalised in the next 'few months'.
This is because the government's move might dim the possibility of taking over the 42 blocks permanently.
The CAG report, tabled in Parliament on Tuesday, said because of non-deployment of pay loaders, South Eastern Coalfields Ltd, a CIL subsidiary, failed to utilise gainfully the existing crushing facilities and to earn an additional revenue of Rs 12.76 crore (Rs 127.6 million) during June 2010 and May 2011.
Second largest shareholder wants public commitment to have market-linked coal prices
The PM-elect wants to fix the coal sector; cut coal imports by boosting output.
India's state-owned miner had posted a whopping 68 per cent jump in net profits for the half-year ended September, 2011.
Coal India is transporting extra volumes of coal to power plants ahead of a five-day worker union strike that threatens to cut much of its per-day output of 1.6 million tonnes.
Writes to coal secretary; may move court today as it finds directors' response inadequate.
Way before the rains arrived at Talwandi Sabo Power plant in Punjab, the one check the coal ministry was carrying out was the availability of coal stock with the generator. Talwandi Sabo Power Limited (TSPL), the 1,980-Mw thermal power plant of Sterlite Energy, part of the Vedanta Group, which supplies about 15 per cent of Punjab's power, is one of the most difficult locations to manage coal supplies. It is nearly 1,700 km from the mines of Mahanadi Coalfields in Odisha, the longest coal route in India and possibly the trickiest as it cuts through the traffic heavy rail lines between Delhi and eastern India.
The PPP model for CIL was first mooted by the Planning Commission.
The government on Tuesday advised investors to stay put with Coal India Ltd to multiply their fortunes and compared the strengths of the company with gold, which is considered the best long-term bet to create wealth.
Coal India IPO has become a runaway success, beating all records to become the largest public issue in India.
An Inter-ministerial panel had last month approved 10 per cent equity sale in Coal India. At present, the government holds 90 per cent stake in the firm.
The Union Cabinet had last week decided to disinvest 10 per cent of its holding in the world's largest coal producer.
Aiming to garner over Rs 15,000 crore (Rs 150 billion) through the largest ever public offering in India, the government on Tuesday decided to price Coal India's IPO in the range of Rs 225-245 a share for divesting its 10 per cent stake.
The government on Thursday announced that state-owned Coal India is likely to enter the international market.
Last week, the Indian markets were all about coal. However, amidst the hype over the debut of Coal India Ltd (CIL) on domestic bourses, what was mostly overlooked was the brand new logo of the world's largest coal miner.
State-owned Coal India Ltd has decided to make a foray into power generation and the company is in talks with Neyveli Lignite Corporation to set up a 2000 mw pithead power plant at its subsidiary Mahanadi Coalfields Ltd.
The issue, through which the Centre will be divesting 10 per cent of its stake, garnered applications for 5,67,40,450 shares within the first hour of opening.
Eight investment banks including HSBC and India's ICICI Securities and SBI Capital have submitted bids to manage a 10-per cent stake divestment in state-owned Coal India.
The Coal India offering would follow a 5 percent stake sale in state-controlled Oil and Natural Gas Corp, worth $2.8 billion and slated for December.
The move comes at a time when consumers are shunning high-quality coal, which has become costlier than prevailing market rates globally.
As it wants to put a sizeable number of shares in the market and also offer them to employees and farmers displaced by its mines.
Trade unions on Tuesday began a five-day coal industry strike, terming it as the biggest industrial action for any sector since 1977.
Currently, the government holds 100 per cent stake in the PSU and plans to offload 10 per cent equity through the IPO, which will offer 63.16 crore (631.6 million) shares.
The Q2FY25 revenue for Coal India (CIL) was reported at Rs 30,700 crore (down 6 per cent year-on-year or Y-o-Y and 16 per cent sequentially). The blended average selling price was Rs 1,622/tonne (down 6 per cent Y-o-Y and 3 per cent quarter-on-quarter or Q-o-Q). Adjusted operating profit stood at Rs 7,200 crore (down 20 per cent Y-o-Y and 38 per cent Q-o-Q) due to lower-than-expected e-auction volumes and higher costs.
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The newly appointed CMD at Coal India has a tough road ahead.
The Federation of Indian Chambers of Commerce and Industry (Ficci) president RV Kanoria calls for privatisation of Coal India Limited (CIL), the world's largest coal producer and India's public sector unit.
