3:46 am - Tuesday December 19, 2017

CIL stake sale likely this year: Coal ministe

151 Viewed News Editor Comments Off on CIL stake sale likely this year: Coal ministe
CIL stake sale likely this year: Coal ministe
CIL stake sale likely this year: Coal ministe

New Delhi – The five percent stake sale in state miner Coal India (CIL) is likely to take place by the end of this year, Coal Minister Sriprakash Jaiswal said Monday.

“It is likely that it (Coal India stake sale) may happen either in November or December,” Jaiswal told media persons here.

“You may be aware that the Coal India chairman has gone (overseas) for this purpose only,” he added.

The Department of Disinvestment (DoD) launched a roadshow last week covering five countries, including Germany and Britain, in order to attract foreign investors.

It has also selected seven merchant bankers, including Goldman Sachs, Credit Suisse and SBI Caps, to manage the stake sale, which is to be done through the offer for sale (OFS) route.

The coal minister said he is hopeful that despite CIL’s production being hit this month due to Cyclone Phailin, CIL would achieve its production target of 482 million tonnes for the current fiscal.

The government currently holds 90 per cent stake in CIL. The DoD had originally planned to offload 10 percent stake in CIL, but faced strong opposition from the employees’ union.

CIL workers’ union had in September decided to defer its proposed three-day strike protesting the stake sale to Dec 17, from the earlier planned Sep 23.

News Feed
Don't miss the stories followIndiaVision News & Information and let's be smart!
Loading...
0/5 - 0
You need login to vote.
Filed in
RBI set to hike rates as inflation control remains priority

RBI set to hike rates as inflation control remains priority

SC refuses to pass order allowing Subrata Roy to go abroad

Supreme Court asks Sahara to submit title deeds

Related posts