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Sunday, 18 April 10
GOVT FORMS PANEL FOR RS 12,000-CR (US$ 2.711 BILLION) COAL INDIA IPO - ECONOMIC TIMES


Economic Times reported that, the government has formed an inter-ministerial panel to carry forward the proposed Rs 12,000-crore (US$ 2.711 billion) disinvestment programme of Coal India, which expects to launch the public offer by July-August this year.

"An Inter-Ministerial Group, comprising Coal Secretary, Disinvestment Secretary and eight other officials from different ministries, has been formed. It was notified on Friday," a person in the know of the development said.

The panel would be responsible for selecting book runners-cum-lead managers (BRLMs) to manage the initial public offer (IPO) of the country's largest coal producer and would decide about pricing and timing of the issue, among others.

Paving the way for smooth sail of IPO, the coal giant, on Friday last week, took its trade unions on board for disinvestment plan, which is expected to be cleared by the Cabinet by thismonth-end or early May, a senior Coal Ministry official said. The unions were opposed to the sell off.

The proposed share sale in CIL is part of the government broad disinvestment plan which aims to raise around Rs 40,000 crore (US$ 9.039 billion) through partial stake sales in PSUs like SAIL, Coal India and Engineers India Ltd in the current fiscal. (1 USD = 44.2500 INR) Red more
Economic Times



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Recent News

Thursday, 08 April 10
NAPOCOR GETS ONE OFFER AT COAL TENDER - ABS CBN
ABS- CBN News reported that, Philippine power producer National Power Corp. (Napocor) is likely to buy 50,000 tons of steam coal from PT Berau Coal ...


Wednesday, 07 April 10
DRY BULK MARKET LOOKING FOR DIRECTION
The dry bulk market has kept a low profile during the past week, as evidenced by the small changes of a usually rather turbulent Baltic Dry Index (B ...


Tuesday, 06 April 10
NEWCASTLE COAL EXPORTS RISE 24%, SHIP QUEUE SHORTENS - BLOOMBERG
Bloomberg reported that, Coal shipments from Australia’s Newcastle port, the world’s biggest export harbor for the fuel used in power st ...


Tuesday, 06 April 10
UAE STEEL TRADERS FEAR LOSSES ON GLOBAL HIKE
A sudden spurt in the price of iron ore in the international market has caught local steel traders and manufacturers and a host of other steel-depen ...


Tuesday, 06 April 10
ASIAN INVESTORS EYE NIGERIA MARITIME INDUSTRY
Investors from the Asian region are considering investing in the Nigerian maritime sector, which has huge opportunities and potential. One of such p ...


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