Coal India said its capital expenditure (capex) almost doubled to hit an all-time high of Rs 13,115 crore in the just concluded fiscal year. CIL’s original sanctioned capex budget was Rs 10,000 crore for FY’21.
”Coal India Ltd (CIL) more than doubled its capital expenditure to an unprecedented high of Rs 13,115 crore in FY’21…. against the capex of Rs 6,270 crore in FY’20, the company clocked 109 per cent growth amid the Covid slump,” the company said in a statement.
This comes at a time when the Centre had advised CPSEs of the country to scale up their expenditure to boost the economy. The entire capital expenditure was funded through internal resources. Capex growth during all the four quarters of FY’21 was significantly higher compared to previous year…,” CIL said in a statement. The capex included procurement of heavy earth moving machinery at Rs 3,453 crore followed by land at Rs 2,470 crore.
”Capex in joint ventures, in proportion to CIL’s shareholding, like Talcher Fertilizers Ltd and Hindustan Urvarak & Rasayan Limited accounted for Rs 2,194 crore. CIL’s coal evacuation initiatives which include setting up coal handling plants, silos and constructing sidings accounted for Rs 1,398 crore. Construction of rail corridors and railway lines summed up Rs 1,166 crore, while the rest was made up by different other heads,” the company said.