CCL, an arm of Coal India, seeks reconciliation of the Jharkhand government’s demand for cr quotas of 56,000 rupees

CCL, an arm of Coal India, seeks reconciliation of the Jharkhand government’s demand for cr quotas of 56,000 rupees

CCL, an arm of Jharkhand-based Coal India, has sought “ reconciliation ” of the number of claims after the state government slapped the giant with a huge demand of Rs 56,000 crore in lieu of the land allocated for the mining.

Jharkhand Chief Minister Hemant Soren had requested on Friday immediate payment of “fees” of 56 billion rupees to the state of the coal giant, in addition to the payment of royalties on coal on an “ad valorem” basis when the president and CIL Managing Director (CMD) Pramod Agarwal called him.

The PSU, the world’s largest coal miner accounting for about 80 percent of national dry fuel production, has long disagreed with the state over quotas and the state in 2014 had requested 25 billion rupees. as a “ preliminary ” amount. from Coal India Ltd for digging coal in the state without paying him any compensation.

“We have sought reconciliation of the number of claims from the state government,” PM Prasad, president and managing director of Central Coalfields Ltd, the Jharkhand-based arm of CIL, told PTI.

Prasad, who is also the acting head of Bharat Coking Coal Ltd (BCCL), said that the amount requested by the state belongs to three of Coal India’s weapons: CCL, BCCL and Eastern Coalfields Ltd (ECL) and CIL has submitted a request against the amount claimed requesting conciliation.

The head of CCL said they expected a positive result as CIL is a CPSU.

A state government official said the amount in lieu of land allocated to CIL was requested for various projects in the state over a period of time.

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Jharkhand Prime Minister Soren has asked the CIL President to initiate steps for the immediate payment of Rs 56,000 crore by Coal India to Jharkhand in lieu of the land allocated for mining.

Unhappy with the slow rehab work at the Jharia coal mines, Soren also asked Agrawal to make sure to speed up the rehab work, as well as the steps to put out the fire there.

Prasad, who is also the acting head of Bharat Coking Coal Ltd (BCCL), said that the amount requested by the state belongs to three of Coal India’s weapons: CCL, BCCL and Eastern Coalfields Ltd (ECL) and CIL has submitted a request against the amount claimed requesting conciliation.

The head of CCL said they expected a positive result as CIL is a CPSU.

A state government official said the amount in lieu of land allocated to CIL was requested for various projects in the state over a period of time.

Jharkhand Prime Minister Soren has asked the CIL President to initiate steps for the immediate payment of Rs 56,000 crore by Coal India to Jharkhand in lieu of the land allocated for mining.

Unhappy with the slow rehab work at the Jharia coal mines, Soren also asked Agrawal to make sure to speed up the rehab work, as well as the steps to put out the fire there.

Coal India President and CEO Pramod Agarwal did not respond to repeated calls and inquiries in this regard.

If the PSU under the administrative control of the Coal Ministry has to pay the huge sum to the state, it could lead to the erosion of the cash reserves of the world’s largest miner which recommended a final dividend of Rs 3.50 per share of capital of the face value of 10 rupees each for the financial year 2020-21.

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In June, the coal giant reported a marginal 1.1 percent decline in its consolidated profit at Rs 4,586.78 crore for the quarter ending March 2021 due to lower sales.

CIL production during the quarter fell to 203.42 million tons (MT) over 213.71 MT in the corresponding quarter of 2020.

The purchase of the company during the period from January to March was 164.89 MT, more than 164.33 in the corresponding quarter of 2020.

The company forecasts a production of 1 billion tons by 2023-24.

Coal India Limited (CIL) is the world’s largest coal producer and one of the largest corporate employers with a workforce of 272 445 (as of April 1, 2020).

CIL operates through its subsidiaries in 84 mining areas spread across eight (8) states of India, including Jharkhand.

CIL has seven producing subsidiaries, namely Eastern Coalfields Limited (ECL), Bharat Coking Coal Limited (BCCL), Central Coalfields Limited (CCL), Western Coalfields Limited (WCL), South Eastern Coalfields Limited (SECL), Northern Coalfields Limited ( NCL) and Mahanadi Coalfields Limited (MCL) and a mining planning and consulting firm which is the Central Institute of Mine Planning and Design (CMPDI).

Furthermore, CIL has a foreign affiliate in Mozambique, namely Coal India Africana Limitada (CIAL). The Assam mines, ie North Eastern Coalfields, are managed directly by CIL.

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Posted on: Monday, July 26, 2021, 08:05 PM M. IST

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