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Coal India to close 37 loss-making mines in FY'18

Coal India Ltd. is planning to close 37 loss-making underground mines in fiscal 2017-18, as those mines have not been able to cover worker salaries, Bloomberg News reported June 9, citing a regulatory filing.

The state-run miner made the decision following the latest annual performance review to determine the viability of its operations.

The surplus employees from these operations would be employed in nearby mines.

Coal India reported a consolidated net profit of 27.16 billion Indian rupees in the fourth quarter of its fiscal 2017, compared with 43.98 billion rupees a year ago.

As of June 9, US$1 was equivalent to 64.32 Indian rupees.