Star Cement is sitting on a coal inventory that will last for one month, Sanjay Gupta, CEO, told CNBC-TV18.
According to sources, Coal India is looking to go slow on giving out coal to the non-power consumers to meet the shortfall.
“We are, primarily, dependent on Coal India. We are buying most of our requirements from e-auctions. We have some stock with us, which will last for about a month or so. We have already purchased a lot of coal in advance because during monsoons we do buy some coal to care for the monsoon period. We have already purchased coal of 2 lakh tonne; pending deliveries from Coal India, but if Coal India stops e-auctions for the non-power producers then that will be a big blow to the industry,” Gupta said.
On coal supply, he said, “Whatever stock people will be having at their plant may vary from industry to industry, but whatever auction Coal India has already done in last two months, we are not even getting that coal. So my request to the Coal Ministry and Coal India will be to keep supplying at least whatever we have already purchased.”
For the entire interview, watch the video