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Coal India seeks PMO’s intervention for state-level forest clearances: Reports

19 Nov 2012 Evaluate

Scuffling with delays in forest clearances for approximately 178 projects from state governments, Navratna Company, Coal India has now sought the Prime Minister Officer’s (PMO) support for sorting out the issue with Odisha, Jharkhand and Chhattisgarh, as mentioned in few media reports. Although environment approval is available for a substantial number of projects, either forestry clearance or land acquisition/rehabilitation issues seem to be a problem especially in Jharkhand, Chhattisgarh and Odisha.

As on date, company’s total 178 forest proposals are awaiting clearances at various levels, including 125 that are awaiting stage I clearances and 53 which are awaiting stage II clearances. At stage I level, the forest area involved is about 15,400 hectares and the projected production from the projects involved is about 128 million tonnes (MT) during 2011-12. At the stage II for 2011-12, 14,000 hectares of area and a projected production of about 79 MT are involved.

On consolidated basis, the company has posted 18.70% rise in its net profit after taxes, minority interest and share of profit at Rs  3078.08 crore for the quarter ended September 30, 2012 as compared to Rs 2593.11 crore for the same quarter in the previous year. Group’s total income has increased by 11.59% at Rs 16665.39 crore for quarter under review as compared to Rs 14934.53 crore for the quarter ended September 30, 2011.

Coal India Share Price

435.40 -6.35 (-1.44%)
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Peers
Company Name CMP
Coal India 435.40
NMDC 84.85
GMDC 585.90
Sandur Manganese 207.20
MOIL 279.45
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