CIL's subsidiary, NCL reveals its Rs 1,900 crore CapEx for FY2022

13 May 2022 CW Team

Northern Coalfields Ltd (NCL), a subsidiary of Coal India, announced that it budgeted Rs 1,900 crore in capital expenditure (CapEx) for the current fiscal year (FY).

The majority of CapEx in the current FY would be spent on the procurement of heavy earth moving machines (HEMMs), building coal handling units, and land acquisition.

In FY2022, the company increased its CapEx to Rs 1,750 crore, up 7% from the objective of Rs 1,640 crore.

With a total investment of Rs 3,174 crore, NCL is working on nine first mile connectivity (FMC) projects.

These initiatives will replace coal transportation by road with mechanised loading, allowing the corporation to encourage more environmentally friendly mining operations.

Two projects have already been commissioned, with four more on the way this year. These FMC projects will help transport an additional 55 million tonnes (MT) of coal in an environmentally efficient manner after the completion.

In April, the firm produced 10.81 MT of coal, a 26% increase over April 2021. In the previous FY, NCL produced 122.43 MT of coal, while its offtake was 125.66 MT.

NCL accounts for 20% of Coal India's total production. Over 80% of domestic coal production is produced by Coal India.

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Also read: Motilal Oswal proposes buying Coal India with a target price of Rs 220

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