Coal India (CIL) has increased its coal prices by 6.29% over the current price with effect from May 30, 2016. Due to this revision, the state-owned company will earn additional revenue of Rs. 3,234 crore for the balance period of financial year 2016-17 - from May 30, 2016 to March 31, 2017.
On an average the current coal price is Rs 1,193 per tonne. The increase will be applicable to all CIL subsidiaries and NEC for regulated and non-regulated sectors.
CIL accounts for over 80 per cent of the domestic coal production. The company has a target to achieve a production of 598 million tonnes in the current fiscal. The company is eying an output of one billion times by 2020.
