The Coal India Ltd (CIL) stock has fallen five per cent over the past week, after news that the government is selling a 10 per cent stake in the company.
The government is mulling appointing six to seven merchant bankers to manage 10% stake sale in Coal India (Coal India), which is likely to fetch over Rs 17,000 crore to the exchequer.
The government has firmed plans to sell a 10 per cent stake in Coal India Ltd through a share auction and will invite bids this week from bankers and advisers to manage it, two sources involved with the matter said.
India's 17 major public sector entities including CIL, ONGC, NMDC and OIL had over Rs 1.62 lakh crore in cash reserves during 2012-13, Parliament was informed today.
Though the government has shelved the idea of price pooling of imported and domestic coal, Coal India Limited (CIL) is bracing to secure coal for power companies opting to take its services for imports.
Two Australian companies have evinced interest in developing Coal India's opencast mines while four British and Chinese companies have been selected for developing the PSU's four underground mines, the government today said.
Coal India Limited (CIL), the single largest coal miner in the country, has set a target to produce 492 million tonne (mt) of coal and dispatch 500 million tonne in the current fiscal.
State-owned Coal India today invited merchant bankers to assist the PSU firm in its venture of investing in prospective coal business opportunities overseas.
Failing to reach a consensus on joint sampling, Coal India has decided to engage the newly formed national laboratory Central Institute of Mining and Fuel Research (CIMFR), Dhanbad, for neutral coal quality certification for supply to NTPC plants in the
State-run Coal India has made changes with regard to certain provisions of model fuel supply agreement (FSA) applicable to new power plants, amid Coal India and NTPC at loggerheads over coal quality issue.
The world’s largest coal miner Coal India Ltd (CIL) is planning to achieve 9% growth in output this financial year. This would help ramp up production in key industries in the fuel-starved power, steel and cement sectors.
Power Minister Jyotiraditya Scindia today efforts were being made to resolve the "contentious" issue of coal quality between NTPC and Coal India and said his Ministry will hold meetings with the Coal Ministry on the matter.
State-run Coal India should look for other options to provide coal if its unable to meet fuel supply commitments to power companies, a Planning Commission member said today.
Power Minister Jyotiraditya Scindia will meet Coal minister Sriprakash Jaiswal on Thursday to discuss coal quality issues affecting state-run NTPC and Coal India.
Not confident of raising Rs 17,000 crore through Offer For Sale (OFS) in Coal India, the government may ask the PSU to buy back a portion of the proposed 10% share sale.
