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Coal India to shut 37 mines this fiscal year

Coal India Ltd plans to shut 37 underground mines by the end of this fiscal year, two company officials said, despite unions' plans to strike for three days this month if the decision is not withdrawn. The coal workers unions, which say they represent more than 400,000 employees of Coal India and last month withdrawal of plans to close coal mines and merge the coal miners' provident fund with the employees' provident fund, among other things. The move will lead to the redeployment of about 11,000 workers, who will be transferred to open-cast mines that need greater labour and produce more coal, one of the officials said, adding that the company is negotiating terms with the unions. "Quite a number of these mines are incurring huge losses, and their production is miniscule. So, Coal India is looking to close mines that are not profitable," Get profit from the Financial Market with lots of profitable service packages and more click here--- http://www.ripplesadvisory.com/nifty-future-.php

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