Coal India Shares Rise on Plans to Invest in FMC Projects
Shares of Coal India Limited rose 1.5% to Rs 275 on September 13, 2023, on the back of the company’s plans to invest nearly Rs 24,750 crore in 61 First Mile Connectivity (FMC) projects over the next couple of years.
The FMC projects involve coal transportation in mechanized piped conveyors from the production point to coal handling plants/silos with a rapid loading system where coal is loaded directly into rail wagons.
The projects, which will be set up in three phases, will have a combined capacity of 763.5 million tonnes per annum (MTPA) on completion.
A senior Coal India executive said that eco-friendly coal transport is essential to improve the quality of life for people living in and around coalfield zones.
“FMC projects provide benefits like curbing dust pollution and carbon emissions. They also reduce the load on road transportation leading to safety. Other benefits include precise quantity and quality coal is loaded for consumers with minimal manual intervention,” the official said.
The investment in FMC projects is part of Coal India’s efforts to boost its production and transportation capacity. The company has set a target of producing 1 billion tonnes of coal by 2023-24.
The rise in Coal India’s share price is a positive sign for the company and the coal sector as a whole. The investment in FMC projects is a step in the right direction and will help to improve the efficiency of coal transportation in India.
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