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Govt may divest stake in CIL by July-August

Govt may divest stake in CIL by July-August
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First Published: Fri, Mar 19 2010. 09 38 PM IST
Updated: Fri, Mar 19 2010. 09 38 PM IST
New Delhi: The government plans to push ahead with its plans to divest its stake in state-owned Coal India Ltd (CIL), the country’s largest coal mining firm in the next fiscal.
CIL plans to file by 15 June a draft red herring prospectus with the Securities and Exchange Board of India, according to chairman Partha S. Bhattacharya . He expects the stake sale to take place by end July or early August.
Bhattacharya also said CIL has received seven proposals from Peabody Energy Corp., the world’s largest private sector coal company to partner in overseas projects. CIL is considering two proposals to buy a stake in Peabody’s overseas assets.
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First Published: Fri, Mar 19 2010. 09 38 PM IST