Coal India may exceed capex target of Rs 16,500 cr for FY24: Govt

New Delhi: The government of Wednesday said the state-owned Coal India Ltd (CIL) is likely to exceed its capex target of Rs 16,500 crore for the current financial year.

Coal India accounts for over 80 per cent of domestic coal output.

"As we navigate through the current fiscal year of 2023-24, both CIL and NLCIL are on track to exceed their capex targets yet again... both CIL and NLCIL will exceed their annual capex targets, further bolstering India's economic growth trajectory," the coal ministry said in a statement.

The capex target of NLC India Ltd (NLCIL) for the ongoing financial year is Rs 2,880 crore.

The Ministry of Coal's capex target for FY24 is Rs 21,030 crore.

Over the past few years, coal Central Public Sector Enterprises (CPSEs) have been over-achieving their capex targets.

In FY22, CIL and NLCIL had achieved 104.88 per cent and 123.33 per cent of their capex targets, respectively. In FY23, both companies achieved around 113 per cent of their target.

NLC India is a Navratna company under the coal ministry. Its core business are mining and power.