Renewables Unlikely To Surpass Coal As Major Source For Power, Says Coal India Chief
Coal India Ltd. Chairman Anil Kumar Jha said renewables are unlikely to surpass coal as the major source for power generation in the near future and asserted that India's energy migration scenario will be different compared to many other countries.
The state-owned company accounts for nearly 83 percent of the country's coal production.
"The question is can renewables take over coal completely in our country? Not in the near future at least. It would not be an exaggeration to state that Coal India is synonymous with India's energy scenario," Jha told shareholders at the company's 45th annual general meeting.
His remarks also come against the backdrop of increasing focus on renewable energy sources for generation of power in different parts of the world.
Jha said the energy migration scenario in India would be "different", compared to many other countries which have been switching to renewable sources.
According to him, nine mining projects with a total capacity of 69.88 million tonnes per year have been sanctioned at an estimated cost of Rs 9,093 crore.
Besides, two rail projects with an outlay of Rs 6,656 crore have been approved.
For the first time, Coal India had breached the 600 million tonnes-mark in production as well as off-take of coal.
The miner produced 606.89 million tonnes of coal and supplied 608.14 million tonnes of the dry fuel, representing growth of 6.97 percent and 4.8 percent, respectively, compared to the previous fiscal.
During the meeting, a shareholder, however, said he was disappointed watching stock price heading towards a lifetime low of Rs 200 a piece, since the initial public offer nine years ago when the price was Rs 235 per scrip.
In late afternoon trade, shares of the company was down nearly 3 percent at Rs 189.35 on the BSE.
There was chaos at the venue as security personnel prevented entry of media persons during early part of the meeting and they were later allowed after intervention of a senior official.
Coal Minister Pralhad Joshi is expected to conduct a review meeting at the company's head office on Thursday.