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Central Coalfields gets more teeth

Ranchi, April 5: The board of Central Coalfields Limited (CCL) will have greater financial power with the company’s performance going up several notches in the last financial year.

Till last year, the CCL board could clear projects only up to Rs 20 crore without referring them to the central government. From this fiscal, it can now clear projects up to Rs 100 crore, CCL chairman-cum-managing director R.P. Ritolia said here today.

This, Ritolia said, has been possible thanks to the huge profit that the public sector undertaking recorded following the highest ever coal production (40.51 million tonnes) in the company’s history this year.

At present, the company’s net worth is Rs 1293.07 crore compared with Rs 896.37 crore last year. This is much higher than the paid-up capital, or equity capital, of Rs 940 crore, which, according to Ritolia, was “a tremendous achievement” given that only a year ago, the company was listed with the Board for Industrial and Financial Reconstruction (BIFR).

Ritolia lauded the concept of e-marketing and said this has come as a boon for new coal-based industries that do not have linkage facility.

“At present, more than 6,000 dealers are bidding for coal in the e-market on the Net. CCL has sold 3.9 million tonnes of coal through e-marketing this fiscal which generated additional revenue of Rs 163 crore,” he added.

Describing the Piparwar project as “the flagship project of CCL”, he said this project justified its position by contributing more than Rs 600 crore to the company’s profit.

It is in this project area that the process of acquiring the ISO-14001 certification for environment is already going on, along with North Karanpura area, and soon other projects would follow suit.

“Our aim is to acquire ISO-14001 certification for all the ongoing projects,” he said.

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