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PTI Kolkata
Updated: 31-10-2018 13:39 IST

Coal India Ltd on Wednesday

maintained that its production target would be 652 million

tonne for fiscal 2018-19, even as the government embarks on an

OFS programme to sell 3 per cent stake in the mining behemoth.

The Centre's two-day offer for sale (OFS) at a floor

price of Rs 266 a piece opened for bidding by institutional

investors on Wednesday, with a subscription of over 24 per

cent shares on offer in initial hours of trade.

The stake sale is expected to fetch about Rs 5,000

crore to the exchequer.

"This year, we are aiming for 652 million tonne

production and 681 million tonne dispatch of coal," CIL

Chairman A K Jha said at the CII-organised Global Mining

Summit here.

At the state-owned PSU major's AGM earlier this year,

Jha had said this target was "aspirational".

In the last fiscal, the miner produced 567 million

tonne of coal and dispatched 580 million tonne.

The government had last sold 10 per cent stake in CIL

through an OFS in January 2015, mopping up about Rs 23,000


It currently holds 78.32 per cent stake in the miner.

Speaking about higher productivity, the top CIL

official said it would require higher technological


"Until and unless we go for hi-tech options, it will

not be possible to give a desired level of production. For

that, international cooperation is needed as well," Jha said.

He said it is also the responsibility of the mining

major to ensure minerals are extracted with minimal harm to

the environment.

Jha added that despite its double digit growth, demand

is growing "leaps and bounds" and Coal India is making efforts

to meet this surge in requirement.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)