Coal India (CIL) is learnt to have stalled around 36 projects in Maharashtra where significant rise in land prices is leading to higher cost of production.
The state firm may re-look at taking up these projects only if it gets land at a price that covers production cost from these proposed mines, states an Economic Times report.
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In 2012, the Maharashtra government had notified separate prices for different kinds of land parcels. For CIL, cost of purchasing land for its coal projects in the state ranged anything between Rs 40,000-Rs one lakh per acre. But the coal miner will have to pay Rs 6 lakh per acre for borough land and Rs 8 lakh per acre for non-irrigated land and Rs 10 lakh per acre for irrigated land, and this will increase cost of 36 projects by Rs 2690 crore, states the report further.
This development is likely to dampen CIL's growth prospects in future as it has set a target of doubling production by the end of 12th Plan period extending from 2012-2017. Currently, CIL produces over 450 million tonne of coal, a growth of 4 percent year-on-year.
Earlier there have been reports that of the 133 project that the company is keen to take up in the above mentioned period, there were a big number of projects which needed environmental and forestry clearances. With the latest instance of land getting dearer, the company may find it difficult to fulfill target.
Last week, the company in a statement said that is has missed its FY13 production target by over 4 million tonnes. The state-run miner, which produces about 80 percent of India's coal output, reported offtake (supply) of 465.2 million tonne for the year, falling short of its target of 470 million tonne.
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