Telangana govt announces 27 percent share in profit of SCCl

The Telangana government today announced a 27 percent share in the profit of Singareni Collieries Company Limited (SCCL) to its employees for 2017-18.

Chief Minister K Chandrasekhar Rao instructed the Chairman and Managing Director of the company, owned by the Telangana government and the Centre on a 51:49 equity basis, to increase the profit share from 25 percent in the previous to 27 percent.

Rao also said the Performance Related Pay (PRP) which has been due for the last eight years to the officers of the company be paid immediately, a release from the Chief Minister's Office said. Leaders of employees unions and representatives of officers association met the Chief Minister today.

The company which has a workforce of over 56,000 had clocked a net profit of Rs 1,212 crore in 2017-18. The chief minister assured the officers that the government would allow them to land in Hyderabad for constructing houses.

Besides, Rs. 10 lakhs interest-free loan facility would be extended to the officers and other employees for house building on par with Singareni coal mine workers, the release said.

The government was also considering entrusting the responsibility of mining in Bayyaram Mines to Singareni, it said. (This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)