The Chairman and Managing Director of Coal India Limited (CIL), P M Prasad, stated on Wednesday that the country has an ample stock of coal and the company is well-prepared to meet any sudden increase in demand. Addressing shareholders during the 49th Annual General Meeting (AGM), Prasad mentioned that CIL is actively pursuing various initiatives to enhance its production capacity, which includes the expansion of existing mines and the development of new ones.

Prasad affirmed CIL's commitment to fulfilling the growing coal demand of the nation and its readiness to handle any unexpected surge in requirements. The coal ministry had recently conducted a review of coal production and offtake in response to the rising power demand across the country. The coal reserves are reportedly sufficient, with approximately 80 million tonnes available across thermal power plants and Coal India, according to Coal Minister Prahlad Joshi.

Speaking about the performance in the fiscal year 2022-23, Prasad highlighted that CIL achieved a record coal production of 703.2 million tonnes and a corresponding record coal offtake of 694.7 million tonnes. Regarding CIL's endeavors to reduce its carbon footprint, he emphasized the company's dedication to a cleaner energy future and its ongoing initiatives in renewable energy projects and cleaner technologies for mining operations.

Prasad remarked that the growth momentum has remained strong in the first quarter of the current fiscal year. He elaborated that CIL achieved notable growth in coal production by 10%, overburden removal by 30%, and offtake by 5% during the quarter, in comparison to the same period of the previous fiscal year. Additionally, he reported that CIL's total revenue from operations for the first quarter of the fiscal year 2023-24 amounted to Rs 35,983 crore.