CIL’s Production Increases by 8.5% Y-o-Y

Coal India produced 536 MnT of coal in FY16 out of targeted 550 MnT. The state owned coal miner saw a growth of 8.5% in production annually.

Coal India, the world’s greatest coal producer, delivered a record quantity in FY16. With the conclusion of financial year, production figure is out, depicting that the giant registered a growth of 8.5% in FY16. CIL had produced 494 MnT of coal in FY15, which grew by 42 MnT in the last fiscal.

Coal secretary, Mr Anil Swarup in an interview to CNBC TV18 earlier in the month, had already indicated that CIL’s production figure will reach to about 535 MnT to 540 MnT for FY16. Authenticating anticipation, the firm has produced 536 MnT of coal for the fiscal. It is to be noticed that the center has set a production target of 550 MnT for CIL in FY16.

Due to immense production in the year, CIL had faced a problem of coal stocking and had curbed its production during last two months. However, the coal secretary, cleared in his interview with CNBC TV18 that CIL had not cut its production, but temporarily halted it due to higher coal inventories at mines head. According to latest buzz, the center has planned a production of 598 MnT for FY17.

Source- CIL