Coal India Limited (CIL) has announced it would reduce its manpower by 5 percent every year over the next five to 10 years to reduce costs. Coal India, which is the world's largest mining company, currently has 2,72,445 employees.

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The public sector undertaking (PSU) will also close down unviable mines, improve environmental, social, and (corporate) governance (ESG) compliance disclosures and achieve the 'net-zero emission' status.

The organisation, in a presentation to analysts, has stated that it aims to achieve a production target of one billion tonnes by fiscal year 2023-24 from the current 596 million tonnes, as per a report by Business Standard.

Coal India’s profit dipped by 23.9 percent in 2020-21 due to subdued demand from both power and metal sectors. Its revenues also fell by 8.5 percent in the same period with total income at Rs 93,818 crore. The PSU attributed the subdued demand to the pandemic.

The power sector registers peak demand during summer, but with the COVID-19 situation, demand fell by 24 percent as nearly all the states announced lockdowns, with all economic activities coming to a near standstill.

The Centre, which is the largest shareholder in Coal India, will receive a cheque for Rs 1,426 crore under the additional final dividend. The total dividend payout for FY21 was Rs 16 per share.

(Edited by : Shoma)

First Published:Jun 15, 2021 6:01 PM IST