Coal India urges foreign collaboration in technology

Amid three per cent stake sale by the Centre in Coal India through an offer for sale (OFS), the miner's Chairman Anil Kumar Jha on Wednesday said it is aiming to produce 652 million tonnes of coal this year and also urged for foreign collaboration in technology to achieve desired production level.

"Environment conditions are going to be stringent. Our responsibility is to see how minerals can be extracted with minimal harm to the environment. In this context we have to use technology. Unless we go for high technology options, it will not be possible to give a desired level of production. For that, international cooperation is needed," he said here at the Global Mining Summit organised by Confederation of Indian Industry.

He further said, "Last year we could produce 567 million tonnes of coal and despatched 580 million tonnes. This year we are aiming to produce 652 million tonnes of coal and despatch 681 million tonnes.

"In spite of double digit growth, even the requirement is more. Every day requirement is increasing leaps and bounds. We are trying to provide as much as possible and are also trying to increase supply in a very short span of time to meet the requirement of the country."

State-run Coal India on Tuesday said the Centre proposed to sell three per cent of its stake in the company on Wednesday through an offer for sale (OFS) at a floor price of Rs 266 a share, which could fetch the exchequer about Rs 5,000 crore.

It said the Centre will have an "over subscription" option to sell an additional six per cent stake in the 'Maharatna' public sector undertakings on November 1 and if it is offered, the government could get approximately another Rs 10,000 crore.

--IANS

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