 "MCL becomes number 1 coal producer of India in FY16")
CIL's coal output is envisaged to touch one billion tonne by 2020 of which MCL is tipped to contribute 250 million tonne (mt).
"In 2014-15, we have contributed more than Rs 2,000 crore to state government exchequer. By 2020, when our coal production will be in excess of 200 mt, our contribution to the state exchequer may touch Rs 4,000 crore", AK Jha, chairman and managing director, MCL, said.
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According to provisional figures released by MCL, its contribution to state government's exchequer in 2015-16 is pegged at Rs 2,585.54 crore while that to the Centre's exchequer is Rs 7,388.95 crore.
MCL's gross turnover in 2015-16 at Rs 19,053.15 crore is 21% higher than Rs 15,693.71 crore posted in the year-ago fiscal. The coal producer had clocked a net profit of Rs 3,554.10 crore in 2014-15. By the end of December 2015, its net profit stood at Rs 3,186.20 crore.
MCL achieved an all-time high coal output of 137.9 mt in 2015-16. It also despatched 140.22 mt of coal last fiscal, registering growth of 14%. In this fiscal, MCL has set a target of producing 167 mt of coal.
The coal company has lined up a massive Rs 20,000 crore Capital expenditure (Capex) plan to help ramp up coal output. The investment would be chiefly on infrastructure creation and is expected to be completed by 2020.
To cater to the requirement of enhanced coal handling, MCL in partnership with Railways, is developing crucial Jharsuguda-Sardega line and Talcher-Angul rail link. Total expenditure on the rail network would be Rs 2,500 crore.
The Jharsuguda-Barapali-Sardega line is expected to be commissioned by March 2017, Jha said.
MCL has forged a special purpose vehicle (SPV) called Mahanadi Coal Railway Ltd with Ircon International Ltd and the Odisha government for evacuation of coal.
MCL would have major stake in the SPV with 64%, Ircon will hold 26% and the rest 10% by state owned Odisha Industrial Infrastructure Development Corporation (Idco). Around Rs 3,000 crore would be spent on this SPV.
