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Saturday, January 30, 2016

Govt asks CIL to liquidate unsold pithead stock

The Indian Government has said that it is pushing Coal India to liquidate about 40 million tonnes of unsold coal piling up at pitheads of mines. Commenting on the issue, Union Power and Coal Minister Piyush Goyal told the media, "Coal India is unable to sell more coal. Evacuation of coal is a problem as we are unable to stock further. I have talked to Coal India chairman and discussed how to liquidate the coal stock." "I have said get this coal out so that production does not fall," he added. The Minister indicated that he would not mind if price of pithead coal was reduced to liquidate the stock, but added that he does not want to intervene in the pricing decision of CIL. The minister said he was able to reduce stress in the power sector by resolving issues facing thermal power plants with 30,000 MW capacity. As per reports, the Government is working on structural and fundamental changes in the economy.