The board of Coal India Ltd has approved creating an additional board level post in the PSU and its subsidiaries. According to a Coal India report, the post of Director (Business Development) will be created to identify and develop new business opportunities.
"The board of directors had approved creation of board level post of Director (Business Development) in CIL (Coal India) and its subsidiaries as per Companies Act, 2013, Listing Regulations and DPE guideline," the world's largest coal miner said in its latest report.
The business scenario in which CIL operates is rapidly changing globally in the current times. To cater to futuristic business models, there is a need for an additional board level post that can drive the company's future business, increase its revenue, identify and develop new business opportunities, build and expand the presence of the company both locally as well as in the global markets, it said.
All the said tasks are strategic in nature and it can be managed only by a separate board level post to lead the organisation, as all other board level posts basically meet the existing functional needs of the organisation.
In case, the said works are combined with the existing functional set up in the organisation, requisite focus and thrust are feared to get somewhat compromised.
CIL is already in the process of investing a substantial amount in diversification projects namely solar power, revival of fertilizer plants, acquiring coking coal assets in Australia and Canada, coal gasification, CBM, rail wagon procurement among others in the coming years.
CIL is presently headed by Chairman and Managing Director who is assisted by four other functional directors namely Director (Technical), Director (Personnel and Industrial Relations), Director (Finance) and Director (Marketing).
As such, at present, there are five Board level posts in CIL including CMD.
All the board functionaries are handling their responsibilities as per their job description and the tasks assigned to them.
In addition, CIL board consists of two government nominee directors and seven independent director posts, out of which, five posts in the process of getting filled by the Government of India.
CIL was incorporated in 1975 with the government taking over private coal mines.
Coal India is a maharatna firm operating through its eight subsidiaries in eight states. It has a foreign subsidiary in Mozambique namely Coal India Africana Limitada.
The PSU which accounts for over 80 per cent of domestic coal production is eyeing one billion tonnes of fuel output.