Coal India Ltd (CIL) said it has increased prices of non-coking coal by 8%. The prices will come into effect from Wednesday, the miner said in a regulatory filing.
“The Board has approved a price increase of 8 per cent over the existing notified prices for high-grade coal of grade G2 to G10. This will be applicable to all subsidiaries, including NEC, for regulated and non-regulated sectors,” CIL said.
The board of directors of the company approved the revision in the prices of non-coking coal with effect from 00:00 hours of May 31, 2023, it said.
Following this revision, CIL is expecting to earn incremental revenue of ₹2,703 crore for the balance period of the financial year 2023-24.
Thermal coal is a non-coking coal used by power plants to generate electricity. A rise in its prices impacts the power generation cost.
Coal India, under the Ministry of Coal, is the largest coal producer in India. As per official data, in April 2022, the country’s overall coal production was 67.20 MT, of which Coal India along with its subsidiaries produced 57.57 MT of coal.
