Singareni collieries to declare bonus of Rs 700 crore for its workers

HYDERABAD: Singareni Collieries Company Ltd (SCCL) will soon declare a bonus of Rs 700 crore for its workers from the bonus the coal company has earned. The company will also open 12 more mines in the coming five years and set a target of 100 million tonnes of coal production and Rs 50,000 crore turnover.

SCCL Chairman and Managing Director (CMD) N Sridhar declared this on Tuesday at the Independence Day celebrations at Singareni Bhavan in Hyderabad. He said that SCCL emerged as the number coal company among 200 other companies in the country.

Attributing the success to the able guidance of Chief Minister K Chandrashekhar Rao, the CMD said that the coal company earned a profit of Rs 2,222 crore during the last fiscal compared to Rs 419 crore during 2013-14.

“Similarly, the bonus paid to coal workers was Rs 83 crore a year before Telangana was formed. This year we are going to pay a bonus of Rs 700 crore,” Sridhar said. The Chief Minister recently advised to pay a bonus of Rs 1,000 crore by adding both the profit-related bonus and also the Deepavali bonus together, how the SCCL would be releasing the profit-related bonus first, the CMD said.

Urging SCCL staff to concentrate more on productivity and reduction in production costs to stay in the fierce competition in the coal market, he said that the quality of the coal must be the best among others.

He also pointed out that the 1,200 MW thermal power plant built and operated by the SCCL ranked number among the state-owned power plants in the country. He said that the company would establish another 800 MW plant on the same campus. The company would also add 240 MW more by augmenting the existing 300 MW solar power, thereby taking the total power produced and supplied to the grid from both thermal and solar sources to 2,540 MW.