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regular-article-logo Monday, 27 May 2024

Coal India tops capital spend goal, incures Rs 19,840 crore expenditure for 2023-24

Around 30.6 per cent (Rs 6,070 crore) of the total spend in 2023-24 was towards the development of coal transportation and handling

A Staff Reporter Calcutta Published 17.04.24, 12:11 PM
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Coal India has spent Rs 19,840 crore against its capital expenditure target of
Rs 16,500 crore for 2023-24.

In 2022-23, the capital spend of the public sector miner was Rs 18,619 crore.

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Around 30.6 per cent (Rs 6,070 crore) of the total spend in 2023-24 was towards the development of coal transportation and handling.

“This includes setting up first-mile connectivity projects with coal handling plants and silos, rail sidings, rail lines and roads. South Eastern Coalfields Limited (SECL) and Mahanadi Coalfields Limited (MCL) between them accounted for 65.4 per cent of this head with Rs 2,214 crore and Rs 1,754 crore, respectively,” said Coal India in a statement.

The second highest spend during the year (Rs 5,135 crore) was on account of land acquisition and associated rehabilitation and resettlement. “CIL requires large tracts of land to enhance production from OC (opencast) mines which account for 96 per cent of the company’s total output,” the statement said.

Three Coal India companies — Central Coalfields, SECL and MCL accounted for 77.3 per cent of capex under the land head. Combined they are expected to contribute 68 per cent of Coal India’s 1 billion tonne output goal.

The third highest head of capex (Rs 3,078 crore) was for procurement of heavy earth moving machinery while the remaining capex (Rs 5,557 crore) was on account of solar projects, joint ventures, washeries, other plant and machinery and mine development.

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