Thursday, Mar 28 2024 | Time 19:03 Hrs(IST)
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Business Economy


Singareni Collieries to invest Rs 20k cr in 5 years

Hyderabad, Apr 1 (UNI): Singareni Collieries Company Limited (SCCL), one of the major public sector undertakings in Telangana state, is planning to open 25 new mines in the next five years with an investment of Rs 20,000 crore to achieve 85 Mt coal production.
Briefing over major achievements in 2015-16 to the media persons here today, SCCL Chairman and Managing Director N Sridhar said SSCL, the 127 year-old-company has achieved 60.3 Mt of coal production in 2015-16, which is highest ever in the history of the company, registering 15 per cent growth over last year.
SSCL is ahead of other coal companies in growth rate, he said and adding that though the coal prices at Global market crashed drastically and losses in 31 Under Ground (UG) Mines, the company profits touched more than Rs 1000 crore against Rs 490 crore profit registered in 2014 due to reducing cost on production and production increasing..
Out of 25 new mines including 15 OC mines and 10 UG mines, 7 new projects will be opened with a capex of Rs 4,000 crore which is part an overall investment plan of Rs 20,000 earmarked for fresh acquisitions, in 2016-17 to achieve 10 per cent growth in coal production against previous year, Mr Sridhar said
The SCCL, which has operations spread in Khammam, Karimnagar, Adilabad and Warangal districts, has 47 operating mines which include 31 underground (UG) and 16 open cast (OC) mines, he said that except one UG mine, rest all UG mines are running in losses.
To overcome from the losses in UG mines, we are planning to adopt ‘ Bulk technology ‘, in UG mines, the CMD reasoned.
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