BCCL raises coking coal price, CIL to earn Rs 702 cr more

Kolkata, Jan 13 (IANS) Coal India Limited on Friday said its subsidiary Bharat Coking Coal Limited (BCCL) would increase its coking coal prices by about 20 per cent from midnight and the miner would earn additional revenue to the tune of Rs 702 crore for the remaining period of the current fiscal.

With revision, the miner was expected to earn additional revenue of Rs 2,986 crore in 2017-18.

Price of steel grade of coal and direct feed coal has been linked to price of washed coking coal which has been fixed on import parity price, the miner said.

“The board of directors of Bharat Coking Coal Limited, a subsidiary of Coal India Limited has approved revision of coking coal prices with effect from 00.00 hours of January 13, approx a 20 per cent increase over the current price while the price of steel grade of coal and direct feed coal has been linked to the price of washed coking coal which has been fixed on import parity price,” a filing by the company said.

The increase in price is done by subsuming the washery recovery charge, which was being charged separately, keeping in view of the observation of Additional Dispute Resolution Mechanism (ADRM).

“Due to this revision, CIL will earn approx additional revenue of RS 702 crore for the balanced period of financial year 2016-17… and additional revenue of Rs 2,986 crore (approx.) for the financial year 2017-18 on achieving the targeted production and despatch programme,” the miner said.

–IANS

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