At Rs 844 crore, CIL tops Q1 capex target in spite of Corona hurdles

NEW DELHI: Coal India Ltd is on a spending spree to gear up for impending competition following deregulation of coal mining, with the world’s largest coalminer clocking 117% of the targeted capital expenditure in the first quarter.
In a statement on Thursday, the state-run company said its capex stood at Rs 844 crore against the provisioned target of Rs 720 crore for the April-June period. This was 4.2% higher than the Rs 810 crore the company spent during the same quarter of last fiscal.
The company said the higher capex was achieved in spite of delays in the procurement of certain equipment due to Coronavirus restrictions. Capex is one of the parameters on which the government evaluates a state-run company’s performance.