SCCL ridicules talk of debt-trap, says it earns ₹ 2k crore net profit

Hyderabad: Singareni Collieries Company Limited (SCCL) has deposits to the tune of ₹ 11,665 crore from which it gets ₹ 750 crore interest annually. With a turnover of ₹ 32,000 crore, it enjoys financial stability, a release from the company said here on Wednesday.

Scoffing rumours that it was in a debt-trap, they said that Singareni was, in fact, registering ₹ 2,000 crore net profit from actual earnings of ₹ 27,000 crore. Since the formation of Telangana state, Singareni is moving ahead with continuous profits and spending ₹ 3.15 lakh per annum on each worker’s welfare, the release said.