Coal India on disinvestment radar of the govt
Wednesday, June 17, 2009Riding on its ambitious plan of disvestment of PSUs, the coal ministry is toying with a proposal to disinvest 5-10% stake in navratna PSU Coal India in order to pave the way for listing of the coal giant on the bourses. The coal ministry has informed the finance minister about the development. CIL shares would be allotted to people whose land is acquired for mining purposes and also to the employees of the company.
For the purpose of divestment, the coal ministry is required to introduce a bill to amend the Coal Mines Nationalisation Act in order to facilitate divesting of government's equity in the company for listing of the entity.
CIL was accorded navratna status in October 2008, as per which its has to be listed within the timeframe of three years elapsing in October 2011. The coal ministry has also demanded for a reduction in customs duty on heavy machines used for mining purposes. Coal India has ambitious plans of acquiring sophisticated mining equipment to improve output.
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