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Web Exclusive | August 2013

Govt may divest only 5% more stake in CIL

Coal minister Sriprakash Jaiswal informed that the government decided that instead of 10 percent disinvestment in Coal India (CI), it would offload 5 percent stake.

After reaching a deal with the main trade unions, the government reduced the size of the stake it plans to sell in CIL to 5 percent.

Earlier, the government promised trade unions that it would not dilute its share holding in CIL below the current 90 percent stake.

In 2010, the central government offloaded 10 percent stake in the world's largest coal miner, raising $3.4 billion in an initial public offer.

It planned to raise 200 billion rupees through a share auction of a further 10 percent stake in the current fiscal year to achieve its target of raising 400 billion rupees through stake sales to narrow its fiscal deficit.

The government planned to rope in bankers and advisers for running the disinvestment. But it had to put the process on hold after the trade unions threatened to go on an indefinite strike if the sale went ahead.

Now the government promised to divest not more than 5 percent in CIL as against the earlier plan of 10 percent disinvestment. For the remaining 5 percent, the government will come out with a different mechanism. Major trade unions are ready for this, Jaiswal told reporters.

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