Government forms inter-ministerial group
A difference of opinion with Coal India over share buyback has led the government to form an inter-ministerial group to discuss the pros and cons of the proposal as well as the optimum quantum. CIL has cash reserves of at least Rs.40,000 crore and targets output of 1 bn tonnes a year by 2020 from about 550 mn tonnes at present. The Centre, on the other hand, wants CIL to hand over its reserves to the government and tap into the debt market to finance its capex.
Contact: Government of India.