Central Coalfields Ltd (CCL) has been accorded "miniratna" (little jewel) status by the government of India.
"CCL is now a miniratna category 1 company. The landmark achievement of CCL could be assessed from the fact that it was placed in the 7th position among profit making companies of India last year," CCL chief managing director RP Ritolia told IANS.
After getting miniratna status, CCL management will get additional powers to approve capital expenditure to expand business. "In the past, we were empowered to approve Rs 1 billion capital expenditure for new projects. After getting miniratna status, the management can approve Rs 3 billion for new projects," said Ritolia. The miniratna status was accorded this week.
In 2006-2007 CCL registered a profit of Rs.10.2 billion. This is sharp contrast to 2001-2002, when the company had made losses of Rs1.08 billion.
Currently CCL produces 41.32 million tonnes coal per year. CCL has set a production target of 78 million tonne in the eleventh five year plan and 115 million tonne in the twelfth five year plan.
CCL is one of three coal companies operating in Jharkhand. The two other companies are Bharat Coking Coal Ltd (BCCL) and Eastern Coal Ltd (ECL). CCL has become first company of Jharkhand to get miniratna status. "Our aim is to now to achieve 'navratna' status in the coming years," said Ritolia.