Coal India extends payment date again
Coal production during the year at 602.14mt was 0.8% less than the previous year
- Published 7.04.20, 2:02 AM
- Updated 7.04.20, 2:14 AM
- a min read
Coal India has extended the deadline on coal payments by consumers by two more weeks till April 21, 2020. The public sector miner had earlier given an extension till April 7.
“This is a difficult period. The aim is to ease the stress of the consumers,” said a Coal India official.
Coal offtake for the miner in 2019-20 was at 581.73 million tonnes (mt), down 4.3 per cent over 608.14mt in the corresponding year-ago period.
Coal production during the year at 602.14mt was 0.8 per cent less than the previous year.
Coal India on Monday said it has accepted the demand from its consumers for usance (deferred payment) letters of credit that allows the buyer a grace period for payment as an additional mode along with irrevocable revolving letters of credit for coal supplied to power producers, especially independent plants.
Officials said this helps the cash strapped power producers avail themselves of a credit facility through their banks to tackle the present liquidity crunch.