Coal India sees growth of 9% this year

BHUBANESWAR: Coal India (CIL) is set to achieve a record 9% growth during the current fiscal. The state-owned company has already achieved a 7% growth so far this year, said Union coal minister Santosh Bagrodia.

���In many years, we had not been able to achieve a 7% growth, which we did this year. Our maximum growth was just 5-5.5%. We would touch a 9% growth by the end of the current fiscal,��� Mr Bagrodia told reporters . Mr Bagrodia expects a good uplift of coal this year. ���Earlier, we had a stock of 47 MT. Today, we have a stock of 32 MT, which is expected to come down to 30 MT shortly,��� he said.

Stating that CIL was giving emphasis on small-and medium-industries, the minister assured that their demand for the fossil fuel would be met first. ���As per the new coal policy, we have appointed agents through the state governments. The buyers can get as much coal as they want through these agents,��� he said. The minister said that the coal ministry, taking into consideration of the global meltdown, had brought some flexibility in the norms set for buyers.

���Earlier, we used to charge 6% of the fuel coal cost, which was to be paid annually. Now, we have relaxed the norm and buyers can pay only 1.5% of the cost quarterly and can lift 20 tonnes,��� he said.

Mr Bagrodia said CIL had decided to adopt a few industrial training institutes and set up a medical college at Talcher, the main area of op-erations of Mahanadi Coal Fields, an undertaking of CIL.