Rising global worries over the environment and pressure from green groups has created a stumbling block for India´s plan to raise as much as $3.3 billion from selling a 10 per cent stake in Coal India Ltd (CIL).
Global investment banks under pressure from environmental groups to steer clear of the share sale, with several senior executives at foreign investment banks saying that only a few were keen to take on a deal that could tarnish their public image. While, the department of disinvestment, which oversees stake sales in state firms, has not given a reason for the extensions, it is believed that it was the banks´ reluctance that prompted the government to extend the deadline for bids for a third time.
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