Trucks laden with coal wind around a road running through open cast mines in India. (Photographer: Sanjit Das/Bloomberg)

Solar Industries Aims To Grow 25% For Next Two Years, Says CFO Nilesh Panpaliya

Solar Industries India Ltd. aims to grow 25 percent in the next two financial years as the company expects higher demand for its explosives from Coal India Ltd.—its biggest client.

The Central Electricity Regulatory Commission maintained the benchmark return on equity rates applicable for thermal, hydro and transmission utilities, offering respite to utility providers. This, coupled with coal import regulations, is expected to drive Coal India’s production, Nilesh Panpaliya, chief financial officer at Solar Industries, told BloombergQuint.

Not only that, even the removal of overburden—topsoil lying above the minerals being mined—has been significantly lower in this year, he said. “With the government’s thrust in increasing (coal) productivity and overburden removal, it definitely means a very good opportunity for us.”

Watch the full conversation here: