Kolkata: The capital expenditure (capex) of Coal India (CIL) at Rs 844 crore during the first Quarter of the ongoing fiscal breached the provisioned target of Rs 720 crore achieving 117% of the target utilisation.
A CIL official said that even amid Covid 19-induced slowdown, the current year’s first quarter capex spend was 4.2% higher compared to the same quarter of the last fiscal. CIL spent Rs 810 crore on its capital expenses in April-June 2019 period. “Though the procurement process of certain equipment was completed execution was delayed due to Covid,” he added.
Capex is a key scoring performance parameter in the MoU that CIL signs every year with its administrative ministry — ministry of coal, said a senior executive of the Company.
The capex utilization of the state owned Mahartana mining monolith received a boost from three of its subsidiaries South Eastern Coalfields (SECL), Northern Coalfields (NCL) and Central Coalfields (CCL) who between them accounted for 81% of the capital expenditure, ending June ’20 Quarter.
