Bank of India inks MoU with Coal India Limited
Bank of India has entered into an MoU with the Coal India Limited, a Maharatna Company for providing Salary account facilities to the employees of Coal India Limited and its subsidiaries.
Coal India has pegged supply to the power sector in 2023-24 at 610 million tonnes to meet the demand for coal-fired power plants.
This is 23.4 million tonne more or 4 per cent higher than the record ever 586.6 MTs that it had supplied to power plants in the just concluded financial year, it said in a release. Its supplies to the power sector hit an all-time high of 586.6 million in 2022-23.
In the wake of forecasts that a hot summer may push up coal demand, Coal India is gearing itself to meet the requirement on the back of adequate coal stocks at its pitheads and increased production in the first quarter of 2023-24.
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“With increasing production and adequate coal stock of 69 MTs at our pitheads we aim to meet the projected target with our best shot and satiate the demand,” a senior executive of the company was quoted in the release.
Coal India’s production and off-take for 2023-24 is targeted at 780 million tonne.
“We do not foresee a situation where the power generation will be interrupted for want of coal,” said the senior executive.
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