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State-owned <keyword id="59700" type="CITY" weightage="100" keywordseo="Coal-India-Ltd">Coal India Ltd</keyword> arm <keyword id="175844" type="ORGANIZATION" weightage="20" keywordseo="CCL">CCL</keyword> today said that it will not go ahead with the proposed buyback plan worth Rs 1,001.8 crore, according to <keyword id="6367495" type="COMPANY" weightage="20" keywordseo="PTI">PTI</keyword>. 
 "The board of Directors of CCL at its meeting held on March 10, 2017 have after reviewing the limited reviewed unaudited financials of the <keyword id="24975" type="ORGANIZATION" weightage="20" keywordseo="company">Company</keyword> ended 31 December 2016, based on the Revised Valuation Report submitted by <keyword id="146899" type="POSITION" weightage="20" keywordseo="merchant-banker">Merchant Banker</keyword>, decided not to proceed with the proposed buyback," <keyword id="45383" type="COMPANY" weightage="20" keywordseo="Coal-India">Coal India</keyword> said in a filing to BSE. 
 
Central Coalfields Ltd (CCL)-- the Coal India arm -- had a few days back approved a share buyback plan worth Rs 1,001.88 crore. 
 
"The board of directors of CCL, our wholly-owned subsidiary, at a meeting held on March 3, 2017 considered and approved the buyback of 5,21,000 fully paid equity shares of face value of Rs 1,000 each from the members of CCL on a proportionate basis through tender offer," Coal India had said. 
 
The equity shares are proposed to be bought back "for an aggregate amount not exceeding Rs 1,001.88 crore...at a price of Rs 19,230 per equity share payable in cash, subject to the approval of the shareholders of CCL," it had said. 
 
The equity shares proposed to be bought back by CCL represent 5.54 per cent the total number of equity share capital in the paid up share capital of CCL, the company had said. 
 
Coal India accounts for over 80 per cent of the country's domestic production. 
 In another filing to BSE, CIL said its board today approved to tender the shares held by the <keyword id="44530" type="COMPANY" weightage="20" keywordseo="PSU">PSU</keyword> in its arms -- <keyword id="260788" type="COMPANY" weightage="20" keywordseo="Mahanadi-Coalfields-Ltd">Mahanadi Coalfields Ltd</keyword> (MCL), <keyword id="758143" type="ORGANIZATION" weightage="20" keywordseo="Northern-Coalfields-ltd">Northern Coalfields Ltd</keyword> (<keyword id="6371398" type="ORGANIZATION" weightage="20" keywordseo="NCL">NCL</keyword>), <keyword id="1440942" type="COMPANY" weightage="20" keywordseo="South-Eastern-Coalfields-Ltd">South Eastern Coalfields Ltd</keyword> (SECL) -- in their respective buyback offer. 
 
MCL's 4,51,743 shares would be tendered in the buyback offer and "the price per share at which the shares are to be tendered is (in Rs) 35,796.02." 
 
NCL's 4,11,135 shares would be tendered in the buy back offer and "the price per share at which the shares are to be tendered is (in Rs) 30,260.70." 
 
SECL's 6,09,250 shares would be tendered in the buy back offer and "the price per share at which the shares are to be tendered is (in Rs) 19,699.47."

Coal
India Ltd arm refused to go with Rs 1,002-crore buyback plan

New Delhi, May 19 () Production of Northern Coalfields Ltd rose by 2.5 per cent to 4.32 million tonnes in the first fortnight of May up to May 15 and the company is on course to meet annual production target for 2020-21, its parent firm Coal India said on Tuesday. "For the period up to 15 May'20, NCL (Northern Coalfields Ltd) produced 4.32 MTs clocking 2.5 per cent growth for the comparable period last year, being only CIL subsidiary to have registered growth," Coal India said in a statement. Last month NCL produced 8.73 MT of coal, achieving 96 per cent of the month's targeted production. Importantly, there was no decline in growth compared to the same month last year. NCL is targeting a production of 113.25 million tonnes (MTs) during the current fiscal, entailing a growth rate of 4.8 per cent, Coal India Ltd (CIL) said. "Generally, the production tempo for coal companies picks up in the second half of the fiscal and especially in the Q4. With growth trend under its belt NCL could sail past target this year as well," said a company official. NCL is the third-largest subsidiary of CIL which contributed to 18 per cent of CIL's overall coal output of 602.13 MT during 2019-20. For two successive financial years, NCL has achieved its production target four days ahead of the closure of the fiscal. In FY2020, NCL produced 108.05 MT of coal. SID MR MR

Northern Coalfields production rises 2.5pc to 4.3 MT in May: Coal India

New Delhi, Apr 5 () State-owned CIL's subsidiaries have set up 1,509 isolation beds in eight states in the fight against the Covid-19 pandemic, an official said. The eight coal bearing states are Jharkhand, West Bengal, Odisha, Madhya Pradesh, Uttar Pradesh, Chhattisgarh, Maharashtra and Assam. Of the 1509 beds, Coal India arm Mahanadi Coalfields Ltd (MCL) has set up the maximum 664 beds at its hospitals in places like Bhubaneswar, Angul, Jharsuguda, Sambalpur and Sundargarh in the state of Odisha. Besides, Northern Coalfields Ltd (NCL) has come up with 200 isolation beds in Madhya Pradesh and Uttar Pradesh. Bharat Coking Coal Ltd (BCCL) has set up 100 beds, Central Coalfields Ltd (CCL) 180 beds, Eastern Coalfields Ltd (ECL) 144 beds, South Eastern Coalfields Ltd (SEC) 132 beds, Western Coalfields Ltd (WCL) 75 beds and North Eastern Coalfields Ltd (NECL) 14 beds. The subsidiaries have also distributed more than 3.3 lakh face masks to people in and around the coal mines, the official added. ECL has distributed the maximum 76,367 masks, followed by NCL (66,847), SECL (64,536) and WCL (52,613), among others. CIL had earlier pledged Rs 220 crore to the Prime Minister's Citizen Assistance and Relief in Emergency Situation (PM-CARES) Fund to fight against the coronavirus pandemic. CIL accounts for over 80 per cent of domestic coal output. The PSU has taken various initiatives to continue the dry fuel supply to various sectors, including power, during the lockdown period. The measures include extending the time for coal lifting and making payments, and relaxing penalty against defaulters. SID ABM

Covid-19: Coal India arms set up 1,509 isolation beds in 8 states

New Delhi, Apr 13 () State-run Coal India has engaged its retired doctors to meet the shortage of medical staff at its hospitals to fight COVID-19 pandemic. Coal India arm Central Coalfields Ltd has engaged seven retired doctors while Northern Coalfields Ltd and Western Coalfields Ltd have engaged two physicians each, an official told . Eastern Coalfields Ltd and Bharat Coking Coal Ltd have hired one retired doctor each, the official added. Coal India had recently issued guidelines to engage retired doctors and paramedical staff on temporary contract basis in its fight against the pandemic, which has spread to almost every state in the country. "Keeping in view of the shortage of doctors and paramedical staff in the hospitals/ dispensaries of CIL/subsidiaries and need to prepare well to prevent/address the outbreak of coronavirus (Covid-19), the PSU had recently issues guidelines for engagement of retired doctors and paramedical staff of CIL/ Subsidiaries on temporary contract basis," the official said. These guidelines will be effective for three months only, the official said. Presently, 839 doctors are working in Coal India which accounts for over 80 per cent of domestic coal output. Coal India subsidiaries have set up 1,509 isolation beds in eight states. The eight coal bearing states are Jharkhand, West Bengal, Odisha, Madhya Pradesh, Uttar Pradesh, Chhattisgarh, Maharashtra and Assam. Besides, Coal India arm MCL will also fund a COVID-19 hospital, having 500 beds and 25 intensive care units, in the capital city of Odisha. The hospital was recently inaugurated by Odisha Chief Minister Naveen Patnaik. CIL subsidiaries have also distributed more than 3.3 lakh face masks to the people in and around coal mines. The PSU has developed a sanitising chamber for disinfecting its mine workers. The maharatna firm had earlier pledged Rs 220 crore to the Prime Minister's Citizen Assistance and Relief in Emergency Situation (PM CARES) Fund. SID SID MRMR

Coal India engages retired doctors to combat Covid-19

Nagpur, Jun 21 () Coal India Limited (CIL) will engage mine developer cum operators (MDOs) to increase its coal output and reduce import dependency of the dry fuel in the coming years. The Maharatna coal mining behemoth in the process has identified a total of 15 greenfield projects to operate through MDO model of which 12 are open cast and 3 underground, a release by Western Coalfields Ltd (WCL) - subsidiary of CIL - said. Combined, they have a total targeted capacity of around 168 million tonne/year (MTY). While the OC projects have a targeted capacity of 162 MTY, UG projects have close to 6 MTY. The contract period would be for 25 years or life of mine whichever is less. "CIL will engage MDOs of international repute, having state-of-the-art-technology through open global tenders, who shall excavate, extract and deliver coal to the coal companies of CIL as per the approved mining plan. "CIL's board recently has given its nod in regard to standard bid document and request for bids for the engagement of MDOs. CIL is laying out plans to complete the formalities by 2021-22 so that all projects become operational and start yielding the output to contribute in 1 BT by 2023-24," it said. It further informed that upcoming identified projects of Mahanadi Coalfields Limited, South Eastern Coalfields and Central Coalfields Limited will form major segments for the MDO mode with targeted capacities of 65.5 MTY, 52.4 MTY and 45 MTY, respectively. Eastern Coalfields Limited and Northern Coalfields Limited will have projects with targeted capacities of 3 MTY and 2 MTY, respectively. "Notice Inviting Tender (NIT) for 2 Projects, Siarmal OC of MCL (40 MTY) and Kotre-Basantpur Pachmo of CCL (5 MTY) together having a targeted capacity of 45 MTY has been floated in 2019-20. While NIT for 5 Projects for a targeted capacity of 68 MTY will be floated in the ongoing fiscal, for the balance 8 projects NIT will be floated in the fiscal, 2021- 22," the release said. It also informed reputed MDOs would be engaged to have multiple advantage of technology infusion, and operational efficiency in the system apart from increased production. MDOs will facilitate R&amp;R issues, land acquisitions, green clearances and coordination with state and central pollution boards. Since contracts to them are on long-term basis, allied infrastructure will also be developed. CLS NP BAL BAL

CIL to engage MDOs to boost coal output

Kolkata, Mar 8 () Northern Coalfields Ltd (NCL), asubsidiary of Coal India, is on track to meet its productionand dispatch target of 106.25 million tonne each in thecurrent fiscal, an official said on Sunday.In the first shift of Saturday, the company has hit100-million-tonne mark for coal production and dispatch eachfor the current fiscal, NCL spokesperson said."Going by the production and dispatch figures, it isexpected that the company will achieve targets on or beforetime," the official said.This comes at a time when Coal India is not expectedto meet its 660 million tonne production target for 2019-20fiscal.NCL has become the third company of the country andsubsidiary of the coal behemoth to produce 100 million tonneof the dry fuel this fiscal.The Coal India arm operates through its 10 highlymechanised mines with more than 1200 heavy earth movingmachines and adequate infrastructure. BSMBDC BDC

NCL expects to achieve production, dipatch targets

New Delhi, May 4 () Chhattisgarh East West Rail Ltd (CEWRL) has entered into a pact with a consortium of banks led by State Bank of India for a sanctioned loan of Rs 3,976 crore to develop a 135-km double rail line for coal evacuation.CEWRL is a joint venture company formed by Coal India arm South Eastern Coalfields Ltd (SECL), IRCON and the Chhattisgarh government."A common loan agreement was signed between Chhattisgarh East West Rail Ltd... and consortium of banks led by State Bank of India for a sanctioned loan of Rs 3,976 crore for development of a 135 KM double rail line to help evacuate coal from SECL mines," according to a Coal India official. The loan will be utilised by CEWRL for a 135-km double line connectivity from Gevra Road to Pendra Road (both existing stations) to evacuate coal from Gevra, Dipka and Kusmunda -- the mega mines of SECL. "The project has been designed with a debt to equity ratio of 80:20 wherein the promoters are required to contribute about 994 crore and the balance amount of Rs 3,976 crore is arranged from banks as rupee term loan," the official said. With the promoters investing more than Rs 650 crore in the project and land acquisition and forest clearance already obtained for the main line of the project, the project is now expected to be completed by March 2023. When completed, it will help SECL evacuate about 65 million tonnes (MT) of coal every year from its mines.Coal India eyeing one billion tonnes of output target amid slump in fuel demand in the wake of lockdown.East-West Rail Corridor Project with an estimated cost of Rs 4,970 crore is a 135-km double line electrified railway project from Gevra Road to Pendra Road as a shorter and alternate route to the existing highly congested available rail system for movement of coal traffic towards northern and western part of the country. "The project also includes connectivity to the Gevra, Kusmunda and Dipika Mines of SECL which are slated for massive enhancement in coal production," the official said.SECL has a 64 per cent holding in CEWRL; IRCON, a Ministry of Railways PSU, holds 26 per cent stake; and the rest 10 per cent of the stake is held by State Industrial Development Corporation, the Government of Chhattisgarh. State Bank of India is the lead bank with Rs 1,800 crore exposure to this infrastructure project and the rest of the exposure is amongst Punjab National Bank, Union Bank of India, Canara Bank, Indian Bank and Bank of Baroda.Coal india accounts for over 80 per cent of domestic coal output. SID MKJ

You Searched For "Northern Coalfields ltd" and got 7 results

Coal India Ltd arm refused to go with Rs 1,002-crore buyback plan

BI India Bureau

Northern Coalfields production rises 2.5pc to 4.3 MT in May: Coal India

PTI

Covid-19: Coal India arms set up 1,509 isolation beds in 8 states

PTI

Coal India engages retired doctors to combat Covid-19

PTI

CIL to engage MDOs to boost coal output

PTI

NCL expects to achieve production, dipatch targets

PTI

CEWRL signs pact with SBI-led consortium for funding rail line project to evacuate coal

PTI

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