Coal India hikes prices of coal produced by Western Coalfields by 10%
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Coal India today hiked prices of non-coking coal produced by its subsidiary Western Coalfields by 10 per cent, which would earn Rs 140 crore additional revenue this year for the parent company.
Cola India Ltd (CIL) had hiked prices of non-coking coal produced by all other subsidiaries in May which is expected to fetch an additional revenue of Rs 2,119 crore this year.
"We had increased by 10 per cent (price of non-coking coal on Western Coalfields. Last time, during rationalisation in the end of February 2011, there was a substantial cut. In the process, it had had some impact.
"So, now we have increased it by 10 per cent on WCL (Western Coalfields)," Coal India CMD S Narsing Rao told reporters after the board meeting that lasted for about seven hours.
The price hike will be effective from tomorrow. On account of increase, Western Coalfields will earn an additional revenue of Rs 139.84 crore for 2013-14," CIL said in a filing with BSE.
In another decision, the Board approved revision of raw non-coking coal sizing charges and rapid loading charges with effect from December 17. This hike would fetch an additional Rs 197 crore to the company this year.
"This will be applicable to all subsidiaries of Coal India Limited for regulated and non-regulated sectors. Due to this revision," the filing said.
The largest revenue contributor to CIL on account of price revision would be Mahanadi Coalfields which is expected to contribute Rs 686 crore, followed by Rs 664 crore from Northern Coalfields and Rs 495 crore from South Eastern Coalfields.
Central Coalfields' contribution to the kitty would be about Rs 248 crore, while Bharat Coking Coal would get Rs 103 crore additional revenue and Western Coalfields Rs 22 crore.
CIL subsidiary Eastern Coalfields is the only arm which would incur Rs 99-crore loss due to price revision.