Date | Nov 04, 2016:

The financial health of Bharat Coking Coal Limited (BCCL), a subsidiary of Coal India (CIL), was "in dire straits" but can be brought back on track by increasing coal production, said newly-appointed CMD Gopal Singh today.

"We can restore the financial health of BCCL by enhancing coal production. At present BCCL mine produces 37 million tons of coal per year and for improving the financial position of the company we have to increase coal production to 53 million tons per year," the BCCL CMD told reporters.

Singh also claimed that team work can improve the financial condition of BCCL from next year.

"I would seek suggestions from the company employees and industry experts in putting back the company on the profit track," he said.

He claimed that the financial condition of the company has begun to improve from the second and third quarters of this financial year with an increase in coal price.

The global meltdown in coal industry, he said, had led to lower price due to which coal from Chinese and other foreign countries were available in the country at a cheaper price than domestic coal.

Singh refused to reveal the losses incurred by BCCL, also denying that the company was exploring plans of taking over new mines.

The present coal mines of BCCL have high potential and it could be developed for further mining, he added.

(Source: http://www.moneycontrol.com/)