Workers of Singareni Collieries Company Ltd (SCCL) would be paid ₹700 crore bonus soon from the company’s profits, chairman and managing director of the State PSU N. Sridhar said on Tuesday at the 77th Independence Day celebrations at its corporate office here. Along with the festival (Deepavali) bonus, it would come to about ₹1,000 crore.
Singareni was among the top performers in the 200-odd Central and State public sector undertakings in the country and was moving ahead with the target of 100 million tonnes coal production and ₹50,000 crore turnover in the next few years, Mr.Sridhar said after hoisting the national flag. The company had made enviable progress during the last nine years, since the formation of Telangana State.
From posting a profit of ₹419 crore in 2013-14, the company’s profit had increased to ₹2,222 crore in 2022-23 and the payment of bonus, share of profits, had gone up from ₹83 crore for 2013-14 to ₹700 crore for 2022-23. The share of profit would be paid to the workers before Dasara festival itself as suggested by Chief Minister K. Chandrasekhar Rao, he stated.
He stated that public sector coal companies would face stiff competition from private players in the next two-three years and to overcome it, the company had to bring down the production cost and improve productivity by utilising the work hours to a maximum extent. Focus was also needed on quality to keep the customers, he added.
As part of the diversification of the company’s business, it had already forayed into thermal and solar power generation and the 2×600 megawatt power plant was top among the State-level Gencos in the country. Another 800 MW unit was also being established on the same premises.
Similarly, they were also adding 240 MW solar power generation capacity in the second phase in addition to the 300 MW capacity nearing completion. Soon, Singareni would be in a position to supply 2,540 MW power to the State needs.
