MAY 20248TOP STORIESCOAL IMPORT REACHES 268 MILLION TONS IN FY24VI TO TARGET STRENGTHENING OF 4G & 5G SERVICES, SAYS CEOIn FY24, India's coal imports witnessed a 7.7 percent increase, reaching 268.24 million tonnes (MT), primarily driven by favorable seaborne prices and anticipated growth in power demand during the summer. This marked a rise from 249.06 MT recorded in FY23, as per data compiled by mjunction services, a B2B e-commerce company.March FY24 saw coal imports rise to 23.96 MT, up from 21.12 MT in the same month of the previous fiscal year. Of this, non-coking coal imports amounted to 15.33 MT, compared to 13.88 MT in March FY23, while coking coal imports reached 5.34 MT, up from 3.96 MT a year earlier.Throughout FY24, non-coking coal imports totaled 175.96 MT, surpassing the 162.46 MT imported in FY23, while coking coal imports stood at 57.22 MT, compared to 54.46 MT in the preceding fiscal year.According to Vinaya Varma, MD & CEO of mjunction, the increase in coal import volumes was influenced by sustained softness in seaborne prices and expectations of heightened demand during the summer months. However, with ample domestic coal availability, the continuation of strong import demand in the upcoming months remains uncertain.India's all-India coal production in 2023-24 reached 997.25 MT, marking an 11.65 percent growth over FY23. Vi CEO Akshaya Moondra recently communicated to the company's approximately 220 million customers about the future investment plans focusing on expanding 4G services and rolling out 5G technology. Moondra emphasized that the recently concluded 18,000-crore follow-on public offer (FPO), subscribed seven times, marks a significant milestone for Vi.In his message to customers, Moondra highlighted Vi's readiness for a new phase of growth and innovation, supported by its advanced network infrastructure and technology. He assured customers that upcoming investments would prioritize expanding 4G coverage and introducing 5G services, ensuring that Vi continues to deliver high-quality services.Recent reports suggest that Vi is in advanced discussions with European network equipment vendors Nokia and Ericsson to upgrade its 4G network, with purchase orders expected by June-July. These orders may also include initial contracts for 5G deployment.Vi has earmarked a significant portion of the funds raised through the FPO for 4G expansion and 5G rollouts. Out of the 18,000 crore raised, over 12,000 crore will be allocated for these purposes, with 5,720 crore specifically allocated for 5G deployments. Moondra expressed gratitude to investors for their trust and confidence in Vi's brand, as evidenced by the success of the FPO.
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