Thursday, January 14, 2016
State run Coal India Ltd has said that it is planning to make its biggest tech changes in four decades to check extensive theft. As per reports, the state-run company's monopoly had allowed it to delay the use of modern technology common in international mining, but it cannot afford to wait any longer as the Government is set to soon announce a plan to allow private competitors like Adani Group to mine and sell coal. Coal India's productivity is estimated at just one-eighth of its technologically advanced rivals in the United States, and as much as a fifth of its annual output is stolen, costing the company up to USD 1 billion each year. As per reports, the upgrade is expected to cost around 3.5 billion rupees (USD 52 million) initially, but the attraction of working with the world's largest coal mining company and the promise of follow-on business is luring some major companies.