Mumbai: Coal Minister Piyush Goyal on Friday said the success of 10 percent stake sale in Coal India, which raised about Rs 22,600 crore, reflected the investors' confidence in the government's ability to usher in reforms.
"The over-subscription demonstrates increasing confidence of investors in the government's initiative to bring about reforms and improvement in the economy," Goyal said here.
The minister, who also handles the power portfolio, expressed confidence that state-run CIL will be able to achieve its target of mining one billion tonnes by 2019.
Goyal said this is the largest issue ever undertaken in the country and the response was "thumbs up" to the bold initiatives taken by Prime Minister Narendra Modi.
The development followed the annual World Economic Forum in Davos where India was "flavour of the season" and also the historic visit of US President Barack Obama to the country, which indicated India's exalted status at the world stage, he said.