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CIL to come out with IPO within three years

CIL to come out with IPO within three years
PTI
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First Published: Mon, Oct 27 2008. 05 00 PM IST
Updated: Mon, Oct 27 2008. 05 00 PM IST
Kolkata: “State-owned Coal India Ltd (CIL), which received Navratna status last week, will come out with its initial offer within three years, the time stipulated for the company to get itself listed,” a top official of the company today said.
“The company has to get listed within a stipulated period of three years. We will try to do it well before time,” CIL Chairman Partha S Bhattacharyya said.
He, however, did not mention the size of the IPO the company was planning.
Bhattacharyya said that the discussions would begin shortly with the government and other agencies for the initial offering.
He said that CIL was now free to use its Navaratna power for all its subsidiaries and could clear capital expenditure projects of up to Rs1,000 crore.
As a mini-ratna company, earlier, the CIL board could clear projects worth up to Rs500 crore.
Bhattacharyya said that CIL also plans to transform itself into a truly global company and the Navaratna status would help it. “We will see significant changes in the total approach of the CIL,” he said.
“We consider ourselves a globally relevant company and would like to spread our wings,” he said.
On acquisition of coal blocks abroad, he said that there were some assets open for outright purchase, while there were some where the company could have equity. “CIL would soon take a decision in this regard,” he said.
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First Published: Mon, Oct 27 2008. 05 00 PM IST