State-owned miner Coal India said its efforts towards reducing coal imports have been successful with the company helping curb coal imports by 90 Million Tonne (MT) in 2020-21.
It said that beating the previous estimates the company booked an all time high volume of 124 MT in e-auctions and the growth trajectory throughout the fiscal logged 17 per cent growth easing the way for faster future production.
The reason cited by the company was the pumping of additional quantities of coal into the system that prompted customers for 90 MT of domestic coal in lieu of coal imported from abroad.
“In the absence of our import substitution measures through a host of concessions and benefits the customers would have had no alternative than to source coal from imports. In that, it was a productive and timely move,” said a senior executive of the company.
CIL said that it opened a new window exclusively for coal importers in October 2020 allowing its subsidiaries to sign MoUs with 17 power plants linked to them to substitute their imports with its own coal for blending.