Coal India eyes exceeding FY24 capex target of ₹16,500 crore

22 Feb 2024 , 03:38 AM

The state-owned Coal India Ltd. (CIL) is probably going to surpass its capex target of ₹16,500 Crore for the current fiscal year, the government announced on Wednesday. More than 80% of the country’s coal production comes from Coal India.

‘As we proceed into the fiscal year 2023–2024, CIL and NLCIL are both on pace to surpass their capital expenditure goals once more. The coal ministry released a statement saying, ‘CIL and NLCIL will both surpass their annual capex targets, further bolstering India’s economic growth trajectory.’ NLC India Ltd (NLCIL) has set a capital expenditure goal of ₹2,880 Crore for the current fiscal year.

₹21,030 Crore is the Ministry of Coal’s capital expenditure goal for FY24. Central Public Sector Enterprises (CPSEs) that deal with coal have been exceeding their capital expenditure goals for the previous few years.

CIL and NLCIL had met their capital expenditure goals in FY22 by 104.88% and 123.33%, respectively. Each of the companies hit about 113% of their goals in FY23. A Navratna firm under the coal ministry is NLC India. Power and mining are its main industries.

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