New Delhi: Coal India Ltd on Friday said the proposal to divest up to 10 percent government stake in the Navratna PSU is likely to be finalised in a couple of months.
"We are likely to finalise the disinvestment proposal (in CIL) in a couple of months," Coal India Ltd Chairman PS Bhattacharyya said on the sidelines of India Leadership Summit 2009 here.
The Board of Coal India Ltd (CIL) has recommended that "5-10 percent" government equity can be disinvested.
Coal Minister Sriprakash Jaiswal had earlier said the first right for purchase of shares would be given to the company employees to make them partners in the company and then the option will be given to those whose land had been acquired by CIL.
However, the coal ministry would have to introduce a bill to amend the present Coal Mines Nationalisation Act for the proposed disinvestment.
CIL has an estimated coal reserves of up to 100 billion tonnes and over 80 percent market share in the country.
Coal India produced about 403 million tonnes of coal last fiscal. The company has a capital expenditure plan of Rs 3,200 crore for this fiscal and aims to increase production by 7.5 percent to 435 million tonnes by the end of the current financial year.
Bureau Report
First Published: Friday, August 07, 2009, 16:10