Coal India raises thermal coal prices by 9%
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Coal India has raised prices of thermal coal by an average 9%. The decision was taken at a board meeting held on Monday while revised prices would be effective from Tuesday.
It will make power generation costlier by a similar percentage. Cost of cement and fertiliser production is also expected to rise as a result.
The revised prices would be applicable to all subsidiaries of Coal India including North Eastern Coalfields. It is estimated to fetch the company an extra revenue of Rs 6,421 crore that would cover additional outgo of about Rs 5,700 crore on account of a 20% workmen salary hike announced earlier this year and a Rs 800 crore annual out go on account of wage hike of officers.
This year Coal India will earn an additional Rs 1,965 crore on account of the price hike.
Last month, Coal India levied evacuation charges of Rs 50 per tonne which is expected to earn the company Rs 2,500 crore annually and Rs 800 crore this year.
Coal India's total income as a result of the price hike and the levy would be Rs 8,900 crore annually. This year it would be Rs 2,765 crore.
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