Nagpur, Mar 16 (UNI) Nagpur-based Western Coalfields Limited (WCL) has become one of the five public sector coal companies in the country to have been granted 'Mini Ratna Category 1' status by the Government of India.
According to a WCL release here today, the government has granted the status to the company along with Coal India Limited (CIL), Northern Coalfields Limited (NCL), South Eastern Coalfields Limited (SECL) and Mahanadi Coalfields Limited (MCL). The notification granting the 'Mini Ratna Category 1' status was issued yesterday.
The companies will exercise enhanced autonomy and powers delegated to such undertakings, after the appointment of the requisite number of independent directors on the boards, the release said.
WCL's annual coal production increased from 37 million tonnes in 2001-2002 to 43.20 million tonnes in 2005-2006, with the turnover rising from Rs 3,437 crore to Rs 4,986 crore during the period, it said, adding that net profit increased from Rs 310 crore to Rs 1,447 crore.
With a workforce of over 66,000, WCL is the highest income tax paying company in Vidarbha region of Maharashtra for the last ten years. During 2005-2006, WCL contributed Rs 620 crore to the state government's coffers by way of royalty and taxes, and Rs 464 crore to the central exchequer through taxes, it added.
UNI
According to a WCL release here today, the government has granted the status to the company along with Coal India Limited (CIL), Northern Coalfields Limited (NCL), South Eastern Coalfields Limited (SECL) and Mahanadi Coalfields Limited (MCL). The notification granting the 'Mini Ratna Category 1' status was issued yesterday.
The companies will exercise enhanced autonomy and powers delegated to such undertakings, after the appointment of the requisite number of independent directors on the boards, the release said.
WCL's annual coal production increased from 37 million tonnes in 2001-2002 to 43.20 million tonnes in 2005-2006, with the turnover rising from Rs 3,437 crore to Rs 4,986 crore during the period, it said, adding that net profit increased from Rs 310 crore to Rs 1,447 crore.
With a workforce of over 66,000, WCL is the highest income tax paying company in Vidarbha region of Maharashtra for the last ten years. During 2005-2006, WCL contributed Rs 620 crore to the state government's coffers by way of royalty and taxes, and Rs 464 crore to the central exchequer through taxes, it added.
UNI
Oneindia Login