NEW DELHI: State run miner CIL's coal supply to power sector declined by 2.9 per cent to 184.9 million tonnes (MT) in the first six months of the current fiscal even as demand for the fossil fuel has started picking up.

The dispatch of dry fuel by Coal India (CIL) in the corresponding period of FY'16 was at 190.6 MT, government data said.

Paying heed to the Reserve Bank of India’s (RBI) advice to improve operational efficiency of companies whose loan accounts have gone sticky through induction of new owners or managers, the government has lined up a plan under which cash-rich public sector undertakings like NTPC, Coal India, Power Finance Corpn and Rural Electrification Corpn will buy equity stakes in stranded power plants.

State-owned Coal India (CIL) will tomorrow begin special spot e-auction of coal and will put on offer 20 mt of the fossil fuel for various sectors, including power, amid government’s efforts for 24×7 power to all.

According to an official, the auction will be conducted for four days beginning tomorrow.

Coal India’s offer to buyback 10.89 crore shares have received bids for 11.02 crore shares as of 3:30 pm on Friday or 1.01 times of its offer size , the BSE website showed. In July 2016 , the company’s board had approved a proposal to buyback shares for an aggregate of amount not exceeding R3,650 crore.

The company has cash and equivalents of R40,088 crore as on March 31,2016. The buyback offer will close on October 18,2016. CIL reported a 6.6% year-on-year (y-o-y) decline in dispatches and 5.2% y-o-y decline in production in September 2016.

NEW DELHI: In view of weak demand for power in the country, the dispatch of coal by CIL to power sector declined by 12.7 per cent to 26.4 million tonnes (MT) in August this year.

State-owned Coal India (CIL), which accounts for over 80 per cent of domestic coal production, dispatched 30.25 MT of coal in the same month last fiscal, according to government data.

Coal India has been asked to pay up the arbitration award in a long-running case between the PSU major and Canadian Commercial Corp over a dispute relating to the construction of a coal extracting facility.

The coal behemoth had objected to the international arbitration award for payment of "substantial costs" arguing that it goes against Indian public policy.

The share buyback programme worth Rs 3,650 crore of Coal India would open next week on October 3.

The state-owned company informed about the "Letter of Offer" in a BSE filing. SBI Capital Markets is the manager to the buyback offer that closes on October 18.

Going ahead with its plan of setting up of around Rs 10,000 crore power plant in Odisha, CIL arm Mahanadi Coalfields has approached the environment ministry to seek green clearance for the 1,600 mw coal-based thermal plant.

“Towards gainful utilisation of coal deposits in Basundhara area, Sundergarh district of Odisha…company (Mahanadi Coalfields Ltd) has envisaged coal-based thermal power plant of 1600 (2×800) mw with super-critical technology,” CIL (Coal India) arm said in its annual report.

Coal India Ltd (CIL), which produces 84 per cent of country's coal output, "needs to step up to a double digit growth rate from that of around 9 per cent achieved during 2015-16" to meet its production targets, company Chairman Sutirtha Bhattacharya said on Wednesday.

"Going forward, in order to meet the production targets, Coal India needs to step up to a double digit growth rate from that of around 9 per cent achieved during FY 2016...during the first four months of FY 2017, Coal India's production growth was more than 6 million tonnes (mt) over the same period last year," he said while addressing shareholders at the company's 42nd Annual General Meeting.

Coal India reported 14.78 per cent decline in consolidated net profit at Rs 3065.28 crore for the quarter ended June 30, 2016 against Rs 3596.93 crore in the same quarter last year. Consolidated total income from operations of the company also slipped by 5.62 per cent to Rs 18,421.87 crore for the quarter under review against Rs 19,518.08 crore in the same quarter last year.

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