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.
The despatch of coal by state-owned CIL to the power sector registered an increase of 35.6 per cent to 127.31 million tonnes in the first quarter of the ongoing fiscal.
Coal India (CIL) had supplied 93.89 million tonnes (MT) to the power sector in the corresponding quarter of the previous fiscal, according to government data.
The despatch of coal by the maharatna firm also increased to 39.79 MT in June 2021, over 31.15 MT in the corresponding month of the previous fiscal, data showed.
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CIL, one of the major suppliers of fossil fuel to the power sector, accounts for over 80 per cent of the domestic coal output. It is eyeing one billion tonnes of output by 2023-24.
State-owned CIL will pump in over Rs 1.22 lakh crore on projects related to coal evacuation, exploration and clean coal technologies by 2023-24, to achieve the said production target.
Out of the proposed spend of over 1.22 lakh crore, CIL has planned to invest Rs 32,696 crore on coal evacuation, Rs 25,117 crore on mine infrastructure and Rs 29,461 crore on project development by 2023-24.
The state-owned company will also invest Rs 32,199 on diversification and clean coal technologies, Rs 1,495 crore on social infrastructure and Rs 1,893 crore on exploration works.
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