Coal India Ltd, India's largest state-run coal producer, said it helped customers to replace 71 million tonnes of seaborne imports with indigenous coal in April-February of the current fiscal in response to the government's drive to reduce coal import dependency.
Coal India, which produces about 83% of India's domestic coal output, aims to expand its annual production to 1 billion tonnes by 2023-24.
The main driver was a 43.5 million-tonne increase in e-auction bookings during April-February compared with the same period last year, the company said. The volume of e-auction in the current fiscal is expected to reach 120 million tonnes.
The coal miner has signed contracts over import substitution with 17 power plants. And it offered additional coal to non-regulated sector against fuel supply agreements by up to 100% of annual contracted quantity.
"Additional coal was allocated to state and central generating companies under flexible utilization policy enabling them reduction in coal imports," the company said.
Coal India has been also conducting frequent interactions with consumers to convince them to use indigenous coal instead of imported coal, which arrested imports by another 28 million tonnes, the company said.
Over April-February 2021, Coal India provided 33 million tonnes of coal to the power generation sector through special forward auction, up 27% from a year ago.
(Writing by Alex Guo Editing by Harry Huo)
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