Coal India to invest Rs 4275 cr to increase production

Business

oi-Sneha

By Sneha B K

Updated: Tuesday, September 4, 2012, 13:36 [IST]

Coal India will invest Rs 4275 cr to achieve a coal production target of 464.10 million tonnes and dispatch target of 470 million tonnes, as per the approved Budget Estimates for the Annual Plan 2012-13.

CIL will also spend Rs 5,000 crore this fiscal to acquire assets abroad, Pratik Prakashbapu Patil, minister of state in the coal ministry, said on Monday.

In addition a budget provision of Rs 500 crore for development of Coal Block in Mozambique.

Capital investment of CIL is Rs 24,400 crore for the period 2012-17. In addition an amount of Rs. 25,000 crore is also envisaged for acquisition of assets abroad and Rs. 10,000 crore for development of Coal Block in Mozambique, the Minister stated.

The shares of the company was seen trading lower by 0.29% at Rs 359 on BSE at 1.30 pm IST.

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