Coal India would earn additional revenve of INR 107 crore annually

Coal India on Wednesday said it would earn additional revenue of about Rs 107 crore annually as its board approved "add-on" over the notified price of coal of North Eastern Coalfields from Thursday onwards.

Coal India on Wednesday said it would earn additional revenue of about Rs 107 crore annually as its board approved "add-on" over the notified price of coal of North Eastern Coalfields from Thursday onwards.

"The board of directors in its meeting on September 25 has approved add-on over the notified price of NEC coal G1 to G5 (Grade 1 to Grade5) grades from September 27, 2018," it said in a regulatory filing.

It further said: "Due to this revision, the miner will earn an approximately additional revenue of Rs 107 crore annually and Rs 82 crore for the balance period of the current financial year (2018-19)."

The miner said the overall impact on the power sector would be negligible due to this increase in "add on" of NEC coal price.

Meanwhile, executives of Coal India, under the banner of Coal Mines Officers' Association of India ( CMOAI) on Wednesday staged a protest in front of the miner's office opposing the management practice of ignoring the laid down wage policy.

They alleged the executives of the Coal India and Singereni Collieries Company Ltd are paid lower than that of the workmen, which is against the guideline of the Department of Public Enterprises.

Association's Secretary General P.K. Singh said they would go for the indefinite strike if their demands are not met by November 15.