AndhraNews.Net - Steps to boost loss making subsidiaries of CIL

New Delhi: July 30, 2003

Eastern Coalfields Limited (ECL), Bharat Coking Coal Limited (BCCL) and Central Coalfields Limited (CCL) are the three loss making subsidiaries of Coal India Ltd.

The losses sustained by these companies during the last three years are as under:

(In Rs.Crore)

2000-01 2001-02 2002-03 (Prov.) ECL -917.19 -277.64 -270.00 BCCL -1276.70 -755.00 -670.00 CCL -792.91 -108.32 301.90

These three companies have been referred to BIFR. BIFR has nominated State Bank of India as the operating agency for ECL, who has drafted a rehabilitation scheme for ECL. These scheme has been discussed at various levels. However, the scheme has not been accepted by all the stakeholders. CIL and ECL have been asked by the Ministry of Coal to explore alternative revival strategy for deliberation with the Ministry.

Schemes for revival of BCCL and CCL is under formulation by respective coal companies. No operating agency has been appointed by BIFR and BCCL and CCL. It may, however, be mentioned that as per the provisional result of 2002-03, CCL is expected to make a profit of more than Rs. 300 crores.

This information was given by the Minister of State for Coal, Shri Prahlad Singh Patel, in a written reply to a question in the Rajya Sabha today.

Press Release by: PIB/AM/Hb

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