Avishek Rakshit | Kolkata
Last Updated at December 10, 2017 00:05 IST
Coal India’s explosives JV takes a backseat
In February last year, the coal monolith signed an agreement with the Indian Oil Corporation Ltd (IOCL) to float a joint venture (JV) firm.
Over a year after the world’s largest coal miner, Coal India Ltd (CIL), tried to secure self-sufficiency in obtaining explosives — a key component in scaling up production — the company continues to rely on third-party sources and has spent over Rs 1,609 crore so far in the current financial year.
In February last year, the coal monolith signed an agreement with the Indian Oil Corporation Ltd (IOCL) to float a joint venture (JV) firm, which would acquire assets of the oil major’s 12 explosive-producing plants and would ensure a steady and quality supply to CIL. Read more on this at: http://www.business-standard.com/article/companies/coal-india-s-explosives-jv-takes-a-backseat-117121000003_1.html
Courtesy: Business Standard.
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