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Govt considering 10% divestment in Coal India

Last Updated: Tuesday, April 23, 2013 - 18:38

New Delhi: Government Tuesday said it is considering a proposal to divest 10 percent of its stake in Coal India (CIL).

"Proposal for divestment of 10 percent out of 90 percent government shareholding in Coal India (CIL) is under consideration of the government," Minister of State for Coal Pratikprakash Bapu said in a written reply to the Lok Sabha.

The minister added that the proposal is under consideration "in consultation with the various stakeholders."

The Finance Ministry had earlier moved a draft note of the Cabinet Committee on Economic Affairs (CCEA) for inter- ministerial comments for stake sale in CIL.

The government is expected to sell up to 10 percent of its stake in the world's largest coal producer CIL through offer for sale route in the first quarter of this fiscal.

Also, a section of CIL employees has warned of going on strike if government goes ahead with stake sale proposal.

Government had raised Rs 15,199 crore in 2010 by offloading 10 percent of its stake in the PSU.

In this fiscal the government plans to raise Rs 40,000 crore by way of PSU stake sale.

Shares of Coal India closed marginally down at Rs 311.55 apiece on BSE Tuesday.


First Published: Tuesday, April 23, 2013 - 18:38
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