Coal will continue to be in demand, says mjunction MD, Shri Vinaya Varma

Coal will continue to be in demand, says mjunction MD, Shri Vinaya Varma22 March 2023: India’s largest B2B e-commerce company, mjunction services limited, is organizing the 16th Indian Coal Markets Conference at ITC Sonar in Kolkata on March 20-21, 2023. In order to capture the essence of the fast-changing energy dynamics, the theme of the Conference has been chosen as: “Coal Rush: Growing in a Green world”. In keeping with the theme, the conference will provide a platform to discuss the simultaneous growth in coal and renewables sectors, and what that would mean for the viability of fresh investments in either of these sectors.

Shri Vinaya Varma, MD & CEO of mjunction Services Limited, welcomed all the dignitaries and industry leaders during the inaugural session of the 16th Indian Coal Markets Conference. He greeted Shri Amit Lal Meena, Secretary, Ministry of Coal, for joining the inaugural session virtually. Additionally, Shri Pramod Agrawal, Chairman, Coal of India, Shri S. Saha, MD Bhubaneshwar Power Pvt. Ltd., and Shri Ajay Misra, DG, Renewable Energy Society of India also addressed the session about various implications of the Indian Coal Industry.

Speaking on this occasion, Shri Vinaya Varma, MD & CEO of mjunction Services Limited said, “This is a stiff target as it would require 80 million tons more coal over 700 million tons expected in FY23,” he said. “In India, coal is critical for energy security and independence amid geo-political risks related to gas and oil supplies. So, until the energy transition process starts playing out in full, coal will continue to stay much in demand as the most dependable and economical source of energy for India.”

Coal Ministry is in the process of changing some of the existing norms for commercial coal block auction to attract more investments, Coal Secretary Amrit Lal Meena said at the inaugural session of 16th Indian Coal Markets Conference organized by mjunction services Ltd. “Coal ministry is looking to implement certain changes for the upcoming Tranche 7 of commercial mining in mid-April 2023 for ease of doing business, long-term returns, and price stabilization,” Shri Amit Lal Meena said in his address.

A total of 129 mines have been allocated so far for captive and commercial users. “Around 50 mines have started production. It is estimated that 15 percent of the total coal production will be from captive and commercial mines. During FY23 production of captive and commercial mines stood at 89mt, this year we are expecting 112 mt,” Coal Secretary said while addressing the audience. Coal India Chairman Pramod Agrawal said the company has set a target of 780 million tons for FY24.

Followed by the inaugural session, the conference saw presence of Mr. V K Arora, Chief Mentor, KCT, Dr. B Veera Reddy Director (Technical), and (Director) Finance- Addl. Charge, Coal India Limited (CIL), Mr. Tuhin Mukherjee, Group Advisor, Aditya Birla Group and Former MD, Essel Mining, Ritabrata Ghosh, VP, Sector Head, Corporate Sector ratings, ICRA Ltd, DLR Prasad, Adviser- Minerals, Metals and Mining, APMDC, etc. who addressed the participants during the plenary sessions.

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