FY-19 bonus for Singareni staff; KCR may announce profit sharing decision in Assembly

Hyderabad: Telangana Chief Minister Mr K Chandrashekhara Rao has positively responded to a plea from MLAs from Singareni coal mines area on profit sharing for employees. The Chief Minister may announce a share of profits made by Singareni in the Assembly on Thursday.

 

MLAs — Korukanti Chander, Balka Suman, Gandra Venkataramana Reddy, Diwakar Rao, Vanama Venkateshwarlu, Durgam Chinnaiah, Sandra Venkata Veeraiah, Rega kantha Rao and Haripriya – from the Singareni coal mines area met the Chief Minister at his Chamber in the Legislative Assembly on Wednesday. The MLAs briefed the Chief Minister about the problems being faced by the Singareni employees.

 

Mr KCR has made it clear that the TRS government is ready to resolve all problems of the Singareni employees. The CM has instructed Singareni CMD N Sridhar to convene a special meeting with MPs, MLAs and MLCs from Singareni area. The CM will discuss all the matters threadbare and suggest solutions.

Mr S Narsing Rao, Principal Secretary to the CM, also participated in the meeting.

The MLAS urged the CM to provide a share in the profits made by the Singareni Collieries Company Ltd (SCCL) for the financial year 2018-19 too. The CM would make an announcement in the Legislative Assembly on Thursday.

 

Singareni posted Rs25,828-crore revenues for 2018-19 financial year. It was more than doubled from Rs11,928 crore in 2013-14 fiscal. The SCCL made a profit of Rs1,600 crore during FY-19 as against Rs419 cr in FY14. Chief Minister KCR approved 17 per cent profit share as a bonus to Singareni employees during 2018-19 fiscal.

Dasari Sreenivasa Rao

Dasari Sreenivasa Rao is a freelance journalist with 26 years of mainstream media experience in Hyderabad and Dubai. He was Business Editor at The Pioneer and Spl Correspondent at Deccan Chronicle and The Hans India. Earlier, he worked for prestigious media brands including ToI, Indian Express (Bombay) and SPG Media and Business Standard in Hyderabad. NSE-qualified Dasari specializes in derivatives trading. He was visiting faculty at IGNOU and handled two batches of journalism students. Dasari is passionate about business journalism and always suggests all to practice rigorous meditation that ensures peace of mind and helps in moving up the value chain.

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