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No intention to privatise Singareni Collieries: PM Modi

Telugu360
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No intention to privatise Singareni Collieries: PM Modi

Prime Minister Narendra Modi on Saturday made it clear that the Centre has “no intention” to privatise Singareni Collieries Company Limited (SCCL).

Without naming Telangana Rashtra Samithi (TRS), he said that some political forces were spreading rumours for their political interests.

The Prime Minister stated that there is neither a proposal under consideration for the privatisation nor the Centre has any intention to do it.

He was addressing a public meeting after inaugurating or laying the foundation stone of various projects at Ramagundam in Telangana’s Peddapalli district, one of the districts which have mines of SCCL.

Prime Minister Modi said that the “lie of those spreading rumours has been caught as Telangana government holds 51 per cent in SCCL”.

“The share of the government of India is 49 per cent and it can’t take a decision on privatisation,” he asserted.

He was apparently referring to a protest by TRS-backed employees’ union at SCCL and the trade unions affiliated to the Left parties against the alleged move for privatisation.

He claimed that in the past, there were scams of several thousand crores in the coal sector but for the last eight years there has been transparency in auction of coal mines and the profit from this is reaching local people.

Prime Minister Modi also remarked that due to his visit to Telangana and the massive turnout at the public meeting, some people in Hyderabad were having sleepless nights.

The Prime Minister inaugurated fertilizer plant at Ramagundam and dedicated Bhadrachalam Road- Sattupalli rail line to the nation, which has been built at a cost of around Rs 1,000 crore. He also laid the foundation stone for Medak-Siddipet-Elkathurthy section of National Highway 765DG; Bodhan-Basar-Bhainsa section of NH-161BB; Sironcha to Mahadevpur Section of NH-353C.

The Prime Minister said these projects of over Rs 10,000 crore will benefit farming and business sectors. These projects will boost business, create new employment opportunities and increase ease of living.

He pointed out that in the past India was dependent on imports to meet its needs for fertilizers as urea factories in the country were shut due to outdated technologies.

Prime Minister Modi said that before 2014, imported urea used to get diverted to chemical factories and farmers used to stand in queues throughout the night for fertilizers. He claimed that this diversion was checked with 100 per cent Neem coating of urea.

He said five fertilizer plants were being reopened. A plant at Gorakhpur in Uttar Pradesh and the second at Ramagundam have re-opened and they will provide 60 lakh tonnes of urea, saving thousands of crores to the country.

The Prime Minister said farmers of Telangana, Andhra Pradesh, Karnataka, Chhattisgarh and Maharashtra will get benefit from the Ramagundam plant.

Telangana governor Tamilisai Soundrarajan and Union Minister G. Kishan Reddy were present.

Telugu360 is always open for the best and bright journalists. If you are interested in full-time or freelance, email us at Krishna@telugu360.com.

Telangana announces 30% profit sharing bonus for Singareni employees

Telugu360
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Telangana announces 30% profit sharing bonus for Singareni employees

Telangana Chief Minister K. Chandrasekhar Rao on Wednesday announced a 30 per cent profit sharing bonus for the employees of state-owned Singareni Collieries Company Limited (SCCL).

As a Dussehra gift, the chief minister decided to give a 30 per cent share of the profits of the SCCL for the year 2021-22 to the Singareni employees.

As per the chief minister’s instructions, his Principal Secretary Narsinga Rao issued an order to the Singareni Chairman and Managing Director to pay the special incentive to Singareni workers immediately before Dussehra.

As part of this, Singareni Company will pay Rs 368 crore to the eligible workers.

The profit sharing bonus announced this year is one per cent higher compared to last year. The state government had announced a 29 per cent bonus in 2021.

Last year, the company had allotted over Rs 350 crore for the bonus and each National Coal Wage Agreement (NCWA) employee had received Rs 72,500 as bonus.

Singareni Chairman and Managing Director N. Sridhar had said earlier this month that the company was confident of achieving an annual turnover of Rs 32,000 crore and earning profits to the tune of over Rs 3,000 crore.

He was also confident of achieving the target of producing 70 million tonnes of coal production during 2022-23.

He had appealed to the coal miners and others to work in this direction to achieve the targeted coal production and promised sops and welfare schemes after achieving profits of over Rs 3,000 crore.

During 2021-22, the company had posted a turnover of Rs 26,000 crore, registering 47 per cent growth over the previous year.

The SCCL also supplied 53.6 million tonnes of coal to thermal power stations during 2020-21.

The SCCL is jointly owned by the Government of Telangana and Government of India on a 51:49 equity basis. The Singareni coal reserves stretch across 350 Km of the Pranahita – Godavari Valley of Telangana with proven geological reserves aggregating to a whopping 8791 million tonnes. SCCL is currently operating 20 opencast and 24 underground mines in four districts of Telangana with a manpower of around 43,895, according to the information on the company’s website.

Telugu360 is always open for the best and bright journalists. If you are interested in full-time or freelance, email us at Krishna@telugu360.com.

AP demands rightful share in Singareni Collieries

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AP demands rightful share in Singareni Collieries

As the wrangle between Andhra Pradesh and Telangana State over failure to pay power dues is going on, another controversy related to Singareni collieries company Ltd (SSCL) had surfaced. If reports are to be believed AP Chief Secretary Dinesh Kumar has recently written a letter to Union Home Secretary Rajiv Mehrishi requesting rightful share for the state in the interstate agency. The letter apparently highlighted the reasons for getting share in the largest public sector organisation. AP did not give consent to transfer the share of Singareni which is registered under the India Companies Act to Telangana.

SCCL was considered as a joint asset in the CAG audit report for the financial year 2015-16. In fact, the collieries found a mention in both AP, TS Finance Accounts. The operations of SCCL is spread across the country. The company is conducting marketing activities in AP. Headquarters of AP Heavy Machinery Engineering Company Limited, a subsidiary of Singareni is based out of Vijayawada. The company as part of united AP invested 886 crores, which includes investments in the current region of AP.

SCCL is inter-state body which is included in the reorganisation act in Schedule No.9 and item number7. The assets, liabilities and headquarters of the companies listed in Schedule 9 should be distributed in the population ratio 58.32: 41.68 according to Section 47 (3) of the reorganisation Act. Going against the Indian Companies Act, 51percent shares of united AP is allocated to Telangana and 49percent is assigned to Centre. The 51percent stake has to be divided based on proportion of population between the two Telugu states. Furthermore, Section 92 of the reorganisation Act has to be examined before taking up actions related to infrastructure and special economic activities. AP CS mentioned these clauses in the letter requested intervention to help get a fair and legally binding share of the SCCL to the state.

Telugu360 is always open for the best and bright journalists. If you are interested in full-time or freelance, email us at Krishna@telugu360.com.

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