10% Coal India divestment likely: Govt

Govt expected to sell stake in the world's largest coal producer Coal India in first quarter of fiscal.

Written by PTI | New Delhi | Published: April 23, 2013 6:31:37 pm

Government today said it is considering a proposal for divestment of 10 per cent of its stake in Coal India (CIL).

“Proposal for divestment of 10 per cent out of 90 per cent 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 per cent of its stake in the world’s largest coal producer Coal India through offer for sale route in the first quarter of this fiscal.

Also,a section of Coal India 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 per cent 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 today.

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