(ET)
Coal India has raised prices of thermal coal by an average 9%. The decision was taken at a board meeting held on Monday while revised prices would be effective from Tuesday. It will make power generation costlier by a similar percentage. Cost of cement and fertiliser production is also expected to rise as a result.
The revised prices would be applicable to all subsidiaries of Coal India including North Eastern Coal field North Eastern Coalfields. It is estimated to fetch the company an extra revenue of Rs 6,421 crore that would cover additional outgo of about Rs 5,700 crore on account of a 20% workmen salary hike announced earlier this year and a Rs 800 crore annual out go on account of wage hike of officers. This year Coal India will earn an additional Rs 1,965 crore on account of the price hike.
