SCCL condemns Kishan's 'baseless remark' about its financial health

Hyderabad: Singareni Collieries Company Ltd (SCCL) has condemned Union Minister G. Kishan Reddy's claim that it has slipped into debts of Rs 10,000 crore and unable to pay the sallies of its employees. The company said that it has strong financial base and has deposits of Rs.11,665 crore.

Hours after Tourism and Culture Minister G. Kishan Reddy addressed a news conference in Delhi to allege that due to "inefficiency" of the BRS government of Telangana, Singareni's debts were mounting day by day, the coal company released a statement saying it's ridiculous to say that Singareni, which has revenues of Rs 27,000 crore, has huge debts.

Without naming the minister, the SCCL stated that false propaganda was being carried out against it. The company claimed that it is marching ahead with sustainable financial performance.

In a statement released on Wednesday, the company said that in addition to coal production, SCCL, which excels in the fields of thermal electricity and solar power, has a turnover of Rs 32,000 crore, has deposits of Rs 11,665 crore, has annual interest income of more than Rs 750 crore and is not in debt.

In a detailed report it is said that the Singareni company, which is running with a turnover of Rs 32 ,000 crore is going to start its first coal mine in the State of Odisha in two months after establishing a solid financial foundation and expanding to other States as well.

In various banks, the company had deposits and bonds Rs 11,665 crore.. so the company will also get an interest of about Rs 750 crore per annum. Apart from this, dues are due from consumers and they are over Rs 15,500,000 crore.

In this way, the Singareni company has a total financial backing of Rs 27,000 crore.

The management said that it is ridiculous and extremely painful to say that there are debts of Rs 12,000 crore and the situation of not being able to pay the salaries to the workers.

Rubbishing the Union Minister's claim that the company was not able to pay salaries, the management said "apart from the exact payment of salaries on the third day of every month, the annual increments of profit bonus and PLR bonus are regularly deposited in the accounts of the workers,". After the formation of Telangana state, Singareni company became the number one company in the country in terms of product turnover profits and will also be a leader in welfare, it added. Therefore, the management said that those who need information can contact the company secretary or the company information officer, reminding them that it is a minimum responsibility to know the facts before making allegations.