Ranchi: Bharat Coking Coal Limited (BCCL), a subsidiary of Coal India Limited (CIL) based in Dhanbad, is preparing to host a consumers' conference in Bhubaneswar on Friday with the aim of attracting potential buyers for its high-quality coking coal.

Senior management officials of the public sector undertaking will gather at a hotel in Bhubaneswar to engage in discussions with industry leaders from the steel, power, and sponge iron sectors of the neighbouring district. The objective is to identify new buyers for BCCL's coking coal and emphasize the importance of using domestic coal instead of imported coal.

Rakesh Sahay, BCCL's Director of Finance, highlighted the conference's goal of promoting the consumption of domestic coal, which not only strengthens industries in the country but also conserves foreign exchange reserves.

Currently, a significant portion of BCCL's coking coal is purchased by the Steel Authority of India Limited (SAIL), and the company also supplies coal to thermal power units and private steel manufacturers. BCCL intends to boost its production of washed coal, which stood at 1.43 million tonnes in the previous fiscal year, to exceed eight million tonnes by the 2029-30 fiscal year. The conference's primary focus will be on finding buyers for BCCL's washed coal in the steel and sponge iron sectors.

Expanding its market reach is expected to aid BCCL in overcoming financial losses. The company incurred losses of around Rs 1,200 crore during the 2021-22 fiscal year. However, it achieved a turnaround by recording a profit of approximately Rs 600 crore in the 2022-23 fiscal year.