New Delhi: One of the largest employers in India, the state-run Coal India Ltd (CIL), plans to reduce its manpower by 5 per cent annually for the next 5-10 years as part of its cost control measures.
In FY20, the company had over 2.72 lakh employees.
In its corporate presentation filed with the BSE, the public sector major mentioned: "Attrition of manpower: 5 per cent reduction in manpower annually for the next 5-10 years (FY20 base of 2,72,445 employees)," among other cost cutting measures.
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Further, the company would also shut its unviable mines to cut expenses.
About 158 underground mines employ 43 per cent of the workforce whereas they contribute 5 per cent to the total production, it said.
"Action is being taken to close the unviable mines in CIL in a phased manner. Production from 11 such underground mines has already been suspended," it said.
CIL also said that it would focus on first mile connectivity and infrastructure creation to reduce costs.
Coal India also said that for efficient operationalisation of greenfield projects, it has devised a transformative plan to engage MDO for 15 projects (10 OC and 5 UG) with combined total targeted capacity of about 160 MTY and out of the 15 projects, work order has been issued for two projects of 45 MTY.
The remaining projects are at various stages of tendering and approval from NIT, it said.