Coal India to reduce manpower by 5% annually for the next 5-10 years
COAL & MINING

Coal India to reduce manpower by 5% annually for the next 5-10 years

Coal India Limited, the world's largest mining company, announced on Tuesday that it will cut 5% of its workforce every year for the next 5-10 years to save money.

Since FY20, the mining company has employed 2,72,445 people, according to CIL's earnings call a day after reporting its March quarter results.

The company also stated that it would close unviable mines. There are 158 underground mines in operation, employing 43% of the workforce and contributing 5% of total production. In CIL, steps are being taken to phase out the unprofitable mines. The production of 11 of these Underground Mines has already been halted, according to CIL.

The company also stated that to efficiently operationalise greenfield projects, CIL devised a transformative plan to engage MDO for 15 projects (10 OC and 5 UG) with a combined total targeted capacity of about 160 MTY.

Work orders for two 45 MTY projects have been issued out of the 15 projects. The remainder of the projects are in various stages of tendering and NIT approval.

Coal India's stock is currently trading 1.10% lower on the BSE at 157.60 per share.

CIL reported a consolidated net profit of 4,588.96 crore for the quarter ended March 31, 2021, a drop of 0.8%. In the previous fiscal year, the company made a profit of Rs 4,655.76 crore.

CIL announced in a regulatory filing that its board of directors has approved a final dividend of Rs 3.50 per equity share with a face value of Rs 10 for the fiscal year 2020-21.

The company's consolidated sales fell to Rs 24,510.80 crore in the January-March period, down from Rs 25,597.43 crore in the March quarter of 2019-20, according to the filing.

However, the company's expenses fell to Rs 21,565.15 crore in the January-March 2021 quarter, down from Rs 22,373.046 crore the previous quarter.

CIL production fell to 203.42 million tonnes (mt) in the quarter, down from 213.71 mt in the same quarter of 2020.

During the January-March period, the company's offtake was 164.89 mt, up from 164.33 in the same quarter of 2020.

Over 80% of domestic coal production is produced by CIL. By 2023-24, the company plans to produce one billion tonne.

Image Source


Also read: 114 projects of Coal India in various stages of implementation

Also read: CIL records coal off-take to 55 mt in May

Your next big infra connection is waiting at RAHSTA 2025 – Asia’s Biggest Roads & Highways Expo, Jio World Convention Centre, Mumbai. Don’t miss out!

Coal India Limited, the world's largest mining company, announced on Tuesday that it will cut 5% of its workforce every year for the next 5-10 years to save money. Since FY20, the mining company has employed 2,72,445 people, according to CIL's earnings call a day after reporting its March quarter results. The company also stated that it would close unviable mines. There are 158 underground mines in operation, employing 43% of the workforce and contributing 5% of total production. In CIL, steps are being taken to phase out the unprofitable mines. The production of 11 of these Underground Mines has already been halted, according to CIL. The company also stated that to efficiently operationalise greenfield projects, CIL devised a transformative plan to engage MDO for 15 projects (10 OC and 5 UG) with a combined total targeted capacity of about 160 MTY. Work orders for two 45 MTY projects have been issued out of the 15 projects. The remainder of the projects are in various stages of tendering and NIT approval. Coal India's stock is currently trading 1.10% lower on the BSE at 157.60 per share. CIL reported a consolidated net profit of 4,588.96 crore for the quarter ended March 31, 2021, a drop of 0.8%. In the previous fiscal year, the company made a profit of Rs 4,655.76 crore. CIL announced in a regulatory filing that its board of directors has approved a final dividend of Rs 3.50 per equity share with a face value of Rs 10 for the fiscal year 2020-21. The company's consolidated sales fell to Rs 24,510.80 crore in the January-March period, down from Rs 25,597.43 crore in the March quarter of 2019-20, according to the filing. However, the company's expenses fell to Rs 21,565.15 crore in the January-March 2021 quarter, down from Rs 22,373.046 crore the previous quarter. CIL production fell to 203.42 million tonnes (mt) in the quarter, down from 213.71 mt in the same quarter of 2020. During the January-March period, the company's offtake was 164.89 mt, up from 164.33 in the same quarter of 2020. Over 80% of domestic coal production is produced by CIL. By 2023-24, the company plans to produce one billion tonne. Image Source Also read: 114 projects of Coal India in various stages of implementation Also read: CIL records coal off-take to 55 mt in May

Next Story
Real Estate

Vitizen Hotels Signs Deal at Manyata Tech Park

Vikram Kamats Hospitality, as part of its ongoing expansion in key metropolitan markets, announced that its material subsidiary, Vitizen Hotels, has signed a long-term lease agreement for a 45-key hotel property at Manyata Tech Park, Bengaluru.Strategically located in the city’s prominent IT hub, the property is well-positioned to serve corporate travelers, business professionals, and long-stay guests. The addition aligns with the company’s asset-light growth model, leveraging long-term leases to expand its footprint in high-demand urban markets.The hotel is expected to strengthen the comp..

Next Story
Infrastructure Transport

CONCOR Signs MoU with BPIPL to Operate Container Terminal at Bhavnagar Port

Container Corporation of India (CONCOR) has signed a Memorandum of Understanding (MoU) with Bhavnagar Port Infrastructure (BPIPL) on September 4, 2025, in New Delhi to operate and maintain the upcoming container terminal at the northside of Bhavnagar Port, Gujarat.BPIPL had earlier entered into an agreement with the Gujarat Maritime Board (GMB) in September 2024 for the port’s development. Under this arrangement, 235 hectares of land has been leased to BPIPL for 30 years, with provision for expansion by an additional 250 hectares.The new terminal is expected to significantly enhance logistic..

Next Story
Infrastructure Transport

Concord Launches India’s First Indigenous Zero-Emission Rail Propulsion

Concord Control Systems (CCSL), a leader in embedded electronics and critical rail technologies, has announced the development of India’s first fully indigenous zero-emission propulsion system, marking a significant step toward the country’s railway electrification and net-zero goals for 2030.Powered by Lithium Iron Phosphate (LFP) batteries and featuring a DC chopper-based drive, the propulsion system eliminates idling losses common in diesel engines, offering higher efficiency, lower costs, and zero emissions.What sets this innovation apart is its completely indigenous design. Except for..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?