State owned Coal India (CIL) has invited expression of interest (EOI) for selection of a consultant for advising its wholly-owned subsidiary in Mozambique, called Coal India Africana (CIAL), over optimising tax and regulatory issues.
In a bid to address its acute fuel shortage problem, the company is in the process of developing two mines in Mozambique and has already invited fresh bids for exploration of its the blocks in the African nation which has reserves of over one billion tonnes. The production from the twin mines is scheduled from 2015.
On consolidated basis, the company has reported a rise of 7.85% in its net profit at Rs 4469.26 crore for the quarter, as compared to Rs 4143.92 crore for the same quarter in the previous year. Total income of the company has increased by 15.6% to Rs 18571.96 crore for the quarter under review as compared to Rs 16065.71 crore for the quarter ended June 30, 2011.
