Cabinet approves 10% stake sale in Coal India

Cabinet Committee on Economic Affairs approved a 10% disinvestment in Coal India, the third government stake sale in the company’s history. The government is expected to get around Rs.20,000 crore from the disinvestment said by Coal and Power Minister Piyush Goyal.

• If the government attains its target amount from the Coal India stake sale, this will go a long way in meeting the disinvestment target of Rs.69,500 crore for this financial year.Highlights :
• The government has been able to pare its stake in only four companies such as Power Finance Corporation, Rural Electrification Corporation, Dredging Corporation and Indian Oil Corporation and has earned only Rs.12,600 crore.
• From this Cochin Shipyard will offload 3.4 crore equity shares in the IPO, with a fresh issue of 2.26 crore equity shares and sale of 1.13 crore shares by the government.About Coal India:
  It is the largest coal producer company in the world and contributes around 82% of the coal production in India. It produced 494.24 Million tonnes of coal during FY 2014–15.
  Coal India Chairman : Sutirtha Bhattacharya