Coal India History
BSE:533278 | NSE:COALINDIAEQ | IND:Mining/Minerals | ISIN code:INE522F01014 | SECT:Mining
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The Company History page lists out the major events in chronological order for Coal India Ltd.
| Company History - Coal India Ltd. | ||
| In order to provide for a higher growth in coal sector to meet the growing energy needs of the country, the Government in 1973, nationalized the coal mines by enacting the Coal Nationalization Act. Pursuant to the nationalization of coal mines, our Company was incorporated as a private limited company with the name of ‘Coal Mines Authority Limited’, under the Companies Act on June 14, 1973, and in terms of notification no. G.S.R. 345(F) dated July 9, 1973, issued pursuant to the provisions of Section 5 of the Coal Nationalization Act certain nationalized coal mines were vested in our Company by the Central Government. Thereafter in 1975, Department of Coal, Ministry of Energy, GoI, with a view to integrate and streamline the structural set up in a manner which could be conducive to a more efficient administration, issued letter no. 38011/1/1/74-CAF dated September 27, 1975, providing for the re-organisation of ‘Coal Mines Authority Limited’ as ‘Coal India Limited’, which was to be responsible for the entire coal mining sector owned and controlled by the Central Government. Further, to the above direction from the Ministry of Energy, Department of Coal, the following steps were undertaken to re-organize our Company: (a) BCCL was made a Subsidiary of our Company. (b) ‘National Coal Development Corporation’ was renamed as ‘Central Coalfields Limited’ and made a Subsidiary of our Company. Further, the central division of our Company was transferred to CCL. (c) CMPDIL was incorporated as a private limited company and made Subsidiary of our Company. Further, the mine planning division of our Company was transferred to CMPDIL. (d) ECL was incorporated as a private limited company and made a Subsidiary of our Company. Further, the eastern division of our Company was transferred to ECL. (e) WCL was incorporated as a private limited company and made a Subsidiary of our Company. Further, the western division of our Company was transferred to WCL. In compliance with the above direction from the Ministry of Energy, Department of Coal, and pursuant to a resolution of our shareholders dated October 15, 1975 and approval of the Ministry of Law, Justice and Company Affairs (letter no. RD/T/5226) dated October 21, 1975, the name of our Company was changed to ‘Coal India Limited’ and we received a fresh certificate of incorporation dated October 21, 1975 from the RoC, consequent upon such change of name. Pursuant to the nationalization of coal mines and during the period upto 1991, our Company was able to enhance the growth rate of coal production from a CAGR of 2.18% at the time of nationalisation in Fiscal 1974 to a CAGR of 5.63% by Fiscal 1991. However during this period, due to certain macro-economic and socio economic factors, our Company continued to operate certain legacy mines inherited pursuant to the nationalization and to operate certain new projects irrespective of financial viability. Further, on account of certain internal reasons and policy issues, our Company’s accumulated losses in Fiscal 1991 and overdue liabilities to the Government in Fiscal 1993, reached Rs. 24,989.80 million and Rs. 23,113.10 million respectively. Thereafter, post 1991 upon our Company achieving certain milestones and certain policy changes initiated by the Government our Company endeavoured to consolidate its financial position. Major Events and Milestones 1973-74 - Nationalization of coal mines, in order to provide for a higher growth in coal sector to meet the growing energy needs of the country. -Incorporation of our Company as ‘Coal Mines Authority Limited’. 1975-76 - Change of name of our Company to ‘Coal India Limited’. - Incorporation of CMPDIL, ECL and WCL, and formation of BCCL, CCL, CMPDIL, ECL and WCL, as our Subsidiaries. 1979-80 - Construction of the low temperature carbonized plant started in Dankuni Coal Complex. - The pricing policy of CMPDIL was reviewed to ensure that the company was working on a commercial line instead of working on "no profit no loss" basis. 1980-81 - Construction of five new washeries: Moonidih washery, Ramgarh washery, Mohuda washery, Barora washery, Kedla washery. - Overall production of coal by our Company and our Subsidiaries crossed 100 million tonnes. 1981-82 - Introduction of retention prices of coal by amending the Colliery Control Order, 1945 by notification dated March 31, 1982, in respect of our Subsidiaries. 1985-86 - Formation of NCL and SECL as Subsidiaries of our Company, to manage certain mines managed by WCL and CCL. 1987-88 -‘Blasting Gallery Method’ introduced at East Katras mine under BCCL and Chora mine under ECL. 1991-92 - Uptrend of profit started in 1991 and our Company earned a profit of Rs. 1,670 million in Fiscal 1992. - Overall production of coal by our Company and our Subsidiaries crossed 200 million tonnes. - Fixing of coal prices once a year to compensate for increase in price of inputs on a normative cost basis, and adoption of the escalation formula prescribed by the Bureau of Industrial Cost and Prices ("BICP"). 1992-93 -Formation of MCL as our Subsidiary to manage mines Talcher and IB valley in the state of Orissa. 1995-96 - Approval of a financial restructuring package by the Government, whereby Rs. 8,917 million of interest liability was waived, Rs. 9,041.8 million of plan loan repayment arrears was converted to preference equity and Rs. 4,326.4 million of non plan payment arrears were allowed a moratorium for repayment and interest accrual for a period of three years, to be repaid in three equal instalments. - A profit of Rs. 6,116 million in Fiscal 1996 was earned by our Company. 1996-97 - Rating of ‘A+’, indicating adequate safety with regard to timely payment of interest and principal, awarded by CRISIL in respect of the Rs. 4,000 million bond issue by our Company. - Adoption of financial viability as the basis for approval of coal development projects. - Discontinuation of retention prices scheme and the Coal Price Regulation Account (CPRA), with the deregulation in prices of certain grades of coal. 1997-98 - Corporatization of the financial flow between our Company and Subsidiaries, such that our Company is to receive only dividends under applicable policy from our Subsidiaries and the corpus of our Company was to be utilized to provide strategic support to a loss making entity only for, inter alia, maintaining their productive capital assets . - Sanction of loan of USD 1.03 billion from the World Bank and the Japanese Bank for International Co-operation for implementing 24 highly viable open case projects with global sourcing of equipments, of which USD 484.40 million was availed during the period between Fiscal 1998 to Fiscal 2004. 2001-02 - Laying down of a minimum internal rate of return of 12% at 85% capacity utilization as cut off for the development of a project. 2003-04 -Overall production of coal by our Company and our Subsidiaries crosses 300 million tonnes. 2005-06 - Rating of ‘AAA/Stable’, indicating highest degree of safety with regard to timely payment of interest and principal, awarded by CRISIL in respect of the Rs. 250 million bond programme of our Company. - Introduction of sale of coal through ‘e-auction method’. - ECL and BCCL reported profit of Rs. 3,638 million and 2,026.67 million in Fiscal 2006. 2006-07 - Award of ‘Mini Ratna’ status by the Department of Public Enterprises, GoI, to our Company and to MCL, NCL, SECL and WCL. - Decline in debt as a percentage of net worth from 66 % in 2001-2002 to 10 % in 2006 -2007 2007-08 - Award of ‘Mini Ratna’ status by the Department of Public Enterprises, GoI, to CCL. . 2008-09 - Award of ‘Navratna’ status to our Company by the Department of Public Enterprises, GoI, for our operational efficiency and financial strength, which affords greater operational freedom and autonomy in decision making. - Overall production of coal by our Company and our Subsidiaries, crossed 400 million tonnes. 2009-10 - Award of the Scope Excellence Award to our Company by the Standing Conference of Public Enterprises for the year 2007-08. - Establishment of Coal India Africana Limitada, a foreign subsidiary in Mozambique; Conversion of our Company into a public limited company. - Award of ‘Mini Ratna’ status by the Department of Public Enterprises, GoI, to CMPDIL. - Receipt by our Company of a composite score of 1.47 and rating as "excellent" for the year 2007-2008 by Department of Public Enterprises, Ministry of Heavy Industries & Public Enterprises, GoI. Awards and Accreditations Year Awards / Accreditations 2007 Conferred with the "Enterprise Excellence Award 2007" by the Indian Institution of Industrial Engineering.* 2008 Conferred with the "SCOPE Gold Trophy 2007-08 for Excellence and Outstanding Contribution to the Public Sector Management".** 2009 Conferred with the "World’s Largest Coal Producing Company" Award at the first Dalal Street Investment Journal PSU Awards, 2009. 2009 Ranked among the top five finalists in the 11th Anniversary of Platts Global Energy Awards 2009, in the ‘Energy Producer of the Year’ category. 2010 Chairman and Managing Director of our Company, Mr. Partha S. Bhattacharyya was conferred with the "CEO with HR Orientation" Award by the Council of World HRD Congress at the Global HR Excellence Awards Ceremony 2010. 2011 -Coal India Limited conferred International Award --Coal India to be included in SENSEX -CIL seeks pvt cos’ tie-up for gasification project 2012 -Coal India signs MoU with Government -Coal India Limited (CIL) the Maharatna public sector coal mining giant, on 31 January 2012, finalized the wage agreement -CIL signs FSA with 14 power companies -CIL gets 116 mines from government to boost output 2013 -Coal India signs MoU with Government -Coal India pays highest ever dividend 2014 -Highest Interim Dividend declared by CIL -Coal India signs MoU with Government for 2014-15 -Coal India and Tata Medical Centre join hands -Coal India announces Rs. 235 Crores for Clean India initiative 2015 -The Union Ministry of Skill Development and Entrepreneurship and the Coal India Limited signed a Memorandum of Agreement to impart skill training to 1.7 lakh people -The company along with GAIL (India) Ltd, Rashtriya Chemical Fertilizers Ltd (RCF) and Fertilizer Corporation of India Ltd (FCL) has entered into a Joint Venture (JV) agreement for incorporation of Rashtriya Coal Gas Fertilizers Ltd. -Coal India Limited (CIL) bagged the coveted 'Rashtriya Khel Protsahan Puruskar 2015' award -Coal India Limited (CIL), in a tie up with Tata Medical Centre (TMC) has sanctioned Rs. 41.11 Crores, to the TMC Trust 2016 -Coal India inks pact with IOC for manufacturing bulk explosives. -Coal India signs MOU with EESL for energy projects. -Coal India Agreement with Solar Energy Corporation of India Limited. | ||
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