Stake sale in coal India to raise Rs 20,000 crore

DECCAN CHRONICLE
Published Nov 19, 2015, 6:28 am IST
Updated Mar 27, 2019, 1:46 am IST
Cabinet also gave its approval for issue of an IPO of Cochin Shipyard Limited thus sending out the right signals
Representational Image
 Representational Image
New DelhiThe Cabinet Committee on Economic Affairs (CCEA) on Wednesday   approved disinvestment of 10 per cent in Coal India Limited that could raise as much as  $3 billion. It also gave its approval for issue of an Initial Public Offer (IPO) of Cochin  Shipyard Limited (CSL). 
 
“The major decision of the CCEA to disinvest 10 per cent stake in Coal India and make  initial public offering for Cochin Shipyard sends out the right signal that the government is fast-tracking reforms. This would also add to investible public resources,” said the apex industry chamber CII.
 
After the disinvestment of 10 per cent equity, the government of India’s  shareholding in CIL would come down to 68.65 per cent (with slight variation based on outcome of sale of one per cent equity shares to employees of CIL).
 
“The government has approved sale of 10 per cent stake in Coal India Limited (CIL),” coal and power minister Piyush Goyal said after the cabinet meeting.  Asked about government’s expectations from the stake sale in the CIL, Mr Goyal said it hopes to mop up around Rs 20,000 crore. The timing of the latest CIL stake sale will be decided by the finance ministry.

 

 

 

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