The Business Bytes
TBB BUREAU
BHUBANESWAR, APRIL 1, 2023
Coal India Limited (CIL) subsidiary Mahanadi Coalfields Limited (MCL) on Saturday said that the company has registered a record 193.3 million tonnes of coal production with the highest ever 192.7 million tonnes of coal despatch to consumers during the financial year 2022-23 (FY23).
“The MCL registered a growth of 15 per cent for the financial year 2023-23, while coal despatch showed nine per cent growth over the previous financial year 2021-22,” said MCL Chairman-cum-Managing Director Om Prakash Singh, while addressing the Annual Media Conference here.
Singh expressed his gratitude to all the stakeholders, employees of the company and contractors’ workers for this achievement.
The company has achieved all its targets well ahead of schedule and helped Coal India Limited surpass its target of 700 million tonnes set for the financial year 2022-23, the MCL CMD said.
MCL contributed close to 28 per cent of CIL’s total production of a historic high of 700 million tonnes in FY23 and about 17 per cent in India’s total energy supply.
Singh said 97 per cent of total production of MCL was through eco-friendly equipment surface miners.
He further said that the coal despatch to the power sector also increased from 127.12 million tonnes in FY22 to 148.8 million tonnes in FY23 registering a growth of 17 per cent.
Singh expressed his gratitude to the State and the Central government for extending all necessary support to the company, which ensured new milestones in its pursuits of energy security in the country.
MCL has set a target of 204 million tonnes of production and despatch for the financial year 2023-24.
Strengthening its business activities, MCL made Capital Expenditure (Capex) of Rs 3,850 crore during the financial year 2022-23 which was s 50 crore more than the set target for the said fiscal, Singh said adding that the Company has set a target of Rs 3500 crore Capex for the financial year 2023-24 which would be primarily spent on infrastructural development in its operational districts of Odisha.
Singh also said that MCL enjoys being the top company in Odisha contributing under the corporate social responsibility (CSR). In the FY23 ended March 31, 2023, the company spent Rs 196 crore under various CSR initiatives for socio-economic development of society, particularly the remote and peripheral areas of the coalfields.
The MCL chief attributed the success of the company to close coordination and dedicated effort put in by each member of the company in executing the plans.
Speaking about the mission of the company, Singh said MCL wants “to produce and market the planned quantity of coal and coal products efficiently and economically in an eco-friendly manner with due regard to safety, conservation and quality”.
Among others, MCL Director (Personnel) Keshav Rao, Director (Technical) Jugal Kumar Borah, Director (Finance) Ajit Kumar Behura and Chief Vigilance Officer PK Patel were present at the media conference.
