14 January, Kolkata
Coal India Ltd on Saturday said its subsidiary Central Coalfields Ltd has increased its coking coal prices from the midnight and will earn additional revenue of Rs 89.98 crore for the remaining period of the current fiscal.
With the price revision, the miner was expected to earn additional revenue of Rs 222 crore in 2017-18.
“The board of directors of Central Coalfields Ltd, a subsidiary of Coal India Limited has approved revision of coking coal prices with effect from 00.00 hours of January 14,” a filing by the company said.
The increase in price is done by subsuming the washery recovery charge, which was being charged separately, in the case of non-linked washery grade coking coal keeping in view the observation of Additional Dispute Resolution Mechanism (ADRM).
“Due to this revision, CIL will earn approx additional revenue of Rs 89.98 crore for the balanced period of financial year 2016-17… and additional revenue of Rs 222 crore for the financial year 2017-18 subject to achievement of production and dispatch target norms,” the miner said.