GAIL (India) Restricted and Coal India Restricted on Tuesday introduced the formation of a three way partnership, Coal Fuel India Restricted, to broaden using artificial pure fuel.
The corporate has been arrange with an authorised share capital of Rs 11 crore, as per a notification to the inventory exchanges.
Coal India will maintain a 51 per cent stake within the enterprise, whereas GAIL will personal the remaining 49 per cent.
The principle goal of this collaboration is to develop and improve the mandatory infrastructure for processing coal into artificial pure fuel.
This contains captive coal mining, coal beneficiation, coal imports, gear procurement, and organising associated services.
The transfer comes at a time when international coal insurance policies are evolving. Lately, US President Donald Trump expressed his help for coal-based vitality and said that his administration would encourage using “clear coal.”
Nevertheless, environmental rules within the US have led to the deliberate shutdown of 120 coal-fired energy vegetation over the following 5 years, based on media reviews.
In the meantime, the CIL and the GAIL signed a three way partnership settlement final yr to arrange a Coal to Artificial Pure Fuel (SNG) plant in West Bengal.
The Ministry of Coal introduced the partnership in August, calling it a major step in the direction of India’s vitality safety and sustainability targets.
The brand new plant was to be established within the Raniganj space of Japanese Coalfields Restricted.
In Q2, the CIL reported a internet revenue of Rs 8,491.22 crore. Nevertheless, this was a 17.5 per cent lower in comparison with the Rs 10,291.71 crore revenue reported throughout the identical interval final yr.
The corporate additionally rewarded traders by declaring an interim dividend of Rs 5.6 per fairness share for the monetary yr 2024-25.
This dividend was accepted by the Audit Committee of CIL and can be paid to shareholders who maintain fairness shares on the file date, which was set for January 31, 2025.
